DALIAN, China/TOKYO -- China's steel industry is undergoing a shakeout as the government pushes for mergers and production cuts in hopes of ending chronic oversupply. But problems are expected to linger because of slow progress in the drive to reduce excess capacity.
Ansteel Group Corporation, the world's third-largest steelmaker by crude steel production, will acquire Lingyuan Iron and Steel Group, a midsize steelmaker in Chaoyang, Liaoning province, as it aims to raise its production volume by about 10%.
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