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Chinanews, Beijing, Aug.2 – Since the beginning of this year, Chinese steel industry has quickened its pace in merging1 activities and great progress has been made so far.
On April 28, the New Baiyi Group, which was jointly2 established by Baosteel Group in Shanghai and the former Bayi Iron and Steel Corporation in Xinjiang Uygur Autonomous3 Region, kicked off the opening ceremony. This was the first merging case in steel industry that occurred between two different regions in China. On May 10, Baosteel Group signed an agreement with Handan Iron and Steel Co., Ltd. in Hebei for jointly constructing a new steel zone in Handan. On July 23, Baosteel Group signed a strategic framework with the Inner Mongolian Baotou Iron and Steel Corporation. On August 1, Wuhan Iron and Steel Corporation and Kunming Iron and Steel Group have officially announced their decision for a strategic merging between the two. Despite these merging activities, Luo Bingsheng, deputy chairman of China Iron and Steel Association, seemed not satisfied. In his view, such merging activity had not achieved its desired result. While large steel companies moved slowly in their merging process, small steel companies had made a somewhat outstanding business performance in that their crude steel production had grown far more quickly than large steel companies. As a result, industrial concentration was not good enough. In 2006, China had 21 steel companies, each with a production capacity exceeding 5 million tons. In 2006, their steel production accounted for 51.3% of the total steel production in China, dropping by 2.8 percentage points compared with the previous year. The situation continued until this year. During the first half of this year, crude steel production of the 21 large steel companies in China (large steel companies are defined as those whose crude steel production exceeds 5 million tons) accounted for only 50.12% of the total crude steel production in China, decreasing by 1.79 percentage points compared with the same period last year. At present, it is really difficult for two steel companies in two different regions to undertake merging activities. This is because in China, some steel companies are run by the central government and some are operated by local governments at various levels. Since different steel companies are operated by local governments at different levels, the taxation4 systems in which they belong also vary greatly. This has created many obstacles for the companies' merging activities. In addition to the above state-owned steel companies, some steel companies are privately5 run and some are foreign-funded. This has further complicated the matter.
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