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Baowu intends to strategically reorganize Shandong Iron and Steel Group

2021-07-15

Jul. 15, 2021 - On the evening of July 14, Shandong Iron & Steel Co., Ltd. (600102.SH) announced that the Shandong Provincial State-owned Assets Supervision and Administration Commission was planning a strategic restructuring of Shandong Iron & Steel Group Co., Ltd. with Baosteel Group Corporation (hereinafter referred to as Baowu). Shandong Iron & Steel Group Co., Ltd. is the controlling shareholder of Shandong Iron & Steel Co., Ltd., and this reorganization may result in a change in the company's controlling shareholder and actual controller. The company also added that uncertainties remained.

Shandong Iron & Steel Group Co., Ltd. is the seventh largest steel company in China, with a crude steel output of 31.11 million tons last year. Baowu is the largest steel company in China, with a crude steel output of 115.29 million tons in 2020. After the merger of the two companies, the annual output of crude steel will be close to 150 million tons, accounting for 14% of China's total crude steel output.
Baowu was established in 2016. In the past two years, China Baowu has successively reorganized many large steel companies such as Maanshan Iron and Steel Group, Taiyuan Iron and Steel (TISCO) and Chongqing Iron and Steel. The three companies are the largest steel companies in Anhui, Shanxi and Chongqing. Their total crude steel production capacity is approximately 35 million tons.

In October last year and February this year, China Baowu also hosted the central enterprises Sinosteel Group and Kunming Iron and Steel Holdings Co., Ltd.

Chen Derong, Chairman of Baowu, mentioned on many occasions that China’s annual steel output has exceeded 1 billion tons. Even if the goal of "100 million tons of Baowu" is achieved, it only accounts for one-tenth of the market. China Baowu still has great growth space.
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