The country’s top state-owned assets regulator said on December 21 that China has agreed to restructure two state-owned iron and steel giants companies.

Sinosteel Group Corporation Limited, a metallurgical and mineral resources developer and processor, will be integrated into China Baowu Steel Group Corporation, a major player in the iron and steel industry, according to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

After the reorganization, Sinosteel will no longer be under the direct regulation of the SASAC.

In October 2020, it was decided that China Baowu would take custody of Sinosteel.

China Baowu was formed after the reorganization of the former Baosteel and Wuhan Iron and Steel Corporation in 2016. China Baowu has carried out a series of strategic restructuring in recent years.

The steel giant company recorded production of 100 million tonnes in 2020, and achieved commercial performance record in 2021.