Baosteel will absorb the merger of Wuhan Iron and Steel program is still in the high-level approval process
According to the new financial network news, the State Council SASAC in August last week, a Bao Wu reorganization plan, and in early September to the State Council. The core content of the merger plan is: Baosteel will play the role of integrator, absorbing the merger of Wuhan Iron and Steel, Wuhan Iron and Steel as a whole into Baosteel. The newly formed group to be named "Bao Wu Iron and Steel Group", the former Wuhan Iron and Steel Group to become a subsidiary of the new group, intended to be renamed "Wuhan Iron and Steel New Industrial Development Corporation." However, the above program is still in the high-level approval process, the merger details or the specific name of the new company is still variable.