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Baosteel to halt shares as parent restructures

Sun Jun 22, 2008 7:34pm EDT

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SHANGHAI, June 23 (Reuters) - Baoshan Iron and Steel Co (600019.SS), China's biggest listed steel maker, said on Monday its parent Baosteel Group is involved in a restructuring of the steel industry in southern Guangdong province.

China

Shares in Baoshan Iron will be suspended on Monday pending the announcement, the Shanghai-based company said in a stock exchange statement.

The Chinese government has been encouraging consolidation in its steel industry to create world-class players and improve the sector's efficiency and production.

Earlier this month, Tangshan Steel Group merged with Handan Steel Group, creating Hebei Steel Group. The new company's output would exceed that of Baosteel Group, the official China Securities Journal reported.

(Reporting by Samuel Shen; Editing by Keiron Henderson)

China


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