BEIJING — The strategic restructuring of Sinosteel Group Corporation Limited and China Baowu Steel Group Corporation is of great significance to the layout and modernization of China’s iron and steel industry, an official said Friday.
Weng Jieming, deputy head of the State-owned Assets Supervision and Administration Commission of the State Council, made the remarks during the restructuring ceremony of the two giant steelmakers.
After the process is completed, Beijing-based Sinosteel will become a wholly owned subsidiary of China Baowu.
Chen Derong, chairman of China …
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