China’s Baosteel takes over Wuhan to create world’s No.2 steelmaker

Steel pipes. Reuters.

China’s Baosteel Group will fully take over Wuhan Steel Group to create the world’s second largest steelmaker after ArcelorMittal, as Beijing aims to increase the concentration level of the scattered industry.

The new entity will be named China Baowu Steel Group, the Baosteel Group’s listed units Bayi Iron & Steel and Baosteel Packaging said in a separate filing on Thursday.

It will overtake Hebei Iron and Steel Group to become China’s top steelmaker.

Baoshan Iron & Steel, Baosteel Group’s main listed unit, will issue new shares to shareholders of Wuhan Iron & Steel to absorb the company, a plan that is subject to government approval.

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Reuters 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.