According to Mr Zhang Xiaogang GM of Angang further revealed that the steel mill would realize merges and acquisitions with Pagnag in 1 to 3 years.

 

Mr Zhang disclosed that according to the plan the overall listing work will be finished before June this year. Angang plans to pin its hopes on the acquisition with Pagang Group first, and then realize the regrouping with Pagang listing company in the coming 1 to 3 years.

 

But he said that he didn't accept any certainties about getting approvals from SASAC now. He notes that Pagang has owned 50% self producing mines and 90% vanadium and titanium resources in China, as well as its traffic superiority in Southwest China.

 

He forecasted before, the coming 3 years would be the most important periods for China's steel industrial merges, by 2010, the China top 10 steelmakers would account for nearly a half of the total steel production outputs, and up to 70% by 2015. Besides, the company has developed overseas resources all the way. In 2007, Angang has become the largest shareholder of Australia Gindalbie Metals Co by acquiring 13% stocks, and up to 36% now by the second times purchase of 23%. Angang has bought a silicon steel processing centre in Italy and the first overseas sales company in Spain.

 

In the past one year Angang has continuously hastened the construction paces on the two steel bases located in Yingkou Bayuquan and Beijing Chaoyang District. Furthermore, the mill is likely to spread the overall patterns in the coastal areas, like Southeast China.

 

(Sourced from.Mysteel.net)