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    000709   CNE000000H20

HBIS COMPANY LIMITED

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Hbis : China steel firms start merger to create world's third biggest producer

08/20/2021 | 05:29am EST
FILE PHOTO: The Ansteel logo is seen at its headquarters in Anshan

(Reuters) - Chinese steelmakers Ansteel Group and Ben Gang formally began the process of merging their operations on Friday, the official Xinhua news agency reported, in a move that will create the world's third-largest producer of the metal.

State-owned Ansteel is taking a 51% stake in smaller rival Ben Gang from the regional state assets regulator, with no money changing hands in a government-backed restructuring that is part of a drive to consolidate production in China's bloated steel sector.

The merged entity, which will retain the Ansteel name, will have annual production capacity of 63 million tonnes of crude steel, Xinhua said, after combining the operations of the companies whose headquarters are only some 60 km (37 miles) apart in northeast China's Liaoning province.

A special conference on the merger was held on Friday morning in the city of Anshan, it added.

The extra production will see Ansteel leapfrog HBIS Group to become China's second-biggest steelmaker and put it third globally behind only China Baowu Group and ArcelorMittal .

Ansteel produced 38.19 million tonnes of crude steel in 2020, data from the World Steel Association show, while Ben Gang churned out 17.36 million tonnes.

By 2025, Ansteel aims to be producing 70 million tonnes of crude steel per year, as well as more than 50 million tonnes of steelmaking raw material iron ore and generating 300 billion yuan ($46 billion) in annual revenue, Xinhua said.

A combination of Ansteel and Ben Gang has been discussed for more than a decade. The merger appeared to be off https://www.reuters.com/article/us-china-steel-benxi-ansteel-idUSKCN1QN16E in 2019 but a "strategic restructuring" of the companies was announced in April this year.

($1 = 6.5003 Chinese yuan renminbi)

(Reporting by Tom Daly; additional reporting by Min Zhang; Editing by Kim Coghill)

By Tom Daly


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BENGANG STEEL PLATES CO., LTD. 2.84% 4.34 End-of-day quote.35.63%
HBIS COMPANY LIMITED 0.41% 2.42 End-of-day quote.8.04%
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Financials
Sales 2021 158 B 24 901 M 24 901 M
Net income 2021 3 247 M 511 M 511 M
Net Debt 2021 - - -
P/E ratio 2021 7,81x
Yield 2021 10,3%
Capitalization 25 016 M 3 929 M 3 938 M
Capi. / Sales 2021 0,16x
Capi. / Sales 2022 0,17x
Nbr of Employees 35 336
Free-Float 37,3%
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Number of Analysts 1
Last Close Price 2,42 CNY
Average target price 3,10 CNY
Spread / Average Target 28,1%
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Managers and Directors
Bin Xu Vice Chairman & General Manager
Guang Shen Chang CFO, Director & Chief Accountant
Wei Jun Dong Chairman-Supervisory Board
Jian Liu Chairman
Yu Zhu Zhang Independent Director
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