Chinese steelmaker Baowu absorbs Sinosteel with Beijing’s approval

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According to the Yicai economic news portal, the state-owned Baowu – which was born precisely from another union, that of Baosteel and Wisco in 2016 – took Sinosteel under its administration in October 2020 by order of the Asset Administration and Supervision Commission (SASAC) of the State Council, the Chinese Executive.

Sinosteel, founded in 1993, suffered a debt crisis in 2014 that led to a restructuring process that lasted two years before returning to profit in 2017 and even achieving the best results in its history last year.

The company has three listed subsidiaries and controls operations both in China and in countries such as Australia, Cameroon, South Africa, Zimbabwe, Indonesia or the Philippines, through which it obtains ferruginous minerals, nickel or chrome, the latter material of which it owns the largest reserves in the world.

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