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Business deals

China's Ansteel and Ben Gang eye deal to create world No. 3 steelmaker

State pressure to prune crowded industry revives talk of long-shelved megamerger

Ansteel, China's No. 4 steelmaker, aims to expand its crude steel production capacity to 70 million tons per year.   © Reuters

DALIAN, China -- China's Ansteel Group Corporation and Ben Gang Group Corporation look to merge into what would be the world's third-biggest steelmaker by output, as Beijing pushes industry consolidation to cut excess capacity.

The potential deal to integrate the country's fourth- and ninth-largest steel companies, respectively, was announced by a listed unit of Ben Gang, which noted that the merger is still in the planning phases and will require regulatory approval.

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