China. Hebei steel industry boosts consolidation pace

China. Hebei steel industry boosts consolidation pace.
Hebei Iron and Steel Group have launched businesses and resources integration by setting up international trade and mining companies after its debut on June 30. With an overall capacity of more than 31 million tonnes per year, the group has overtaken Baosteel as China’s largest steelmaker. In July, it produced 2.84 million tonnes of pig iron up by 17.67% YoY; 3.07 million tonnes of steel up by 13.12% and 2.64 million tonnes of steel products up 10.34% YoY created sales revenue of CNY 18.40 billion a profit and tax of CNY 1.13 billion and a profit of CNY 790 million. The group integrated the foreign trade businesses in its subsidiaries like Tangshan Steel, Handan Steel, Xuanhua Steel, Chengde Steel and Wuyang Steel by setting up the Hebei Iron and Steel Group International Trade Company. It also plans to establish a mining company to consolidate mineral resources in its subsidiaries.