Reporters' Log

Shougang in talks to buy Guiyang Special Steel

By Wang Xu and Li Weitao (chinadaily.com.cn)
Updated: 2009-03-11 21:03

Shougang Group, China's sixth largest steel maker, is in talks to buy Guiyang Special Steel Co Ltd, Shougang Chairman Zhu Jimin said on Wednesday on the sidelines of the annual sessions of the National People's Congress.

Guiyang Special Steel, based in Southwestern China's Guizhou province, has an annual capacity of less than 1 million tons.

The Chinese Government has been encouraging a consolidation of the domestic steel-making sector to absorb an industry-wide glut amid a slowing economy.

Zhu said Shougang is in talks with a number of smaller local steel makers for potential acquisition deals. He said the company will "gradually" push forward the acquisition activities.

Central Economic Work Conference

• Interest Rate Cut
• 30 Years of Reforms
• Coping with Financial Crisis
• Housing in China
• 2008 Tsinghua Management Global Forum
• more

Hot Words

• 政府注資 pump priming
• 軟環境 soft environment
• 糧食最低收購價 crops' minimum purchase prices

• 保八 Eight Percent Protection
• 以人為本 Put People First
• 農民企業家 Farmer-turned-entrepreneur
• 窗口指導 window guidance
• 下崗再就業 Re-employment after being laid off
• more

From Foreign Press

• German media give full coverage to Premier's report
• Overseas press praise China's 8% economic growth
• German media: Economy tops agenda at NPC session
• From the foreign press
• World media keeps close watch on 'two sessions'
• more

Letters

• Corruption top issue for public
• China adopts Food Safety Law
• China's economic growth in 2009
• more