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China Nanjing Steel shares halted on restructuring

Thu Apr 23, 2009 9:36pm EDT

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SHANGHAI, April 24 (Reuters) - Nanjing Iron & Steel Co Ltd (600282.SS), a medium-sized Chinese steel maker, said on Friday that its shares have been suspended from trading as it considers an important restructuring of its assets.

The company produced 5.74 million tonnes of crude steel last year, compared with China's nationwide total of about 500 million tonnes.

The government of China, the world's largest steelmaking country, has been actively urging its fragmented steel industry to consolidate and create a handful of national champions that would have greater influence in iron ore pricing negotiations and that could compete more effectively with global majors. (Reporting by Alfred Cang and Edmund Klamann)



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