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China opens gates to steel-sector reshuffle, with global ambitions

Emergence of potential world No. 1 rattles European and Japanese rivals

A worker welds steel bars at a construction site for a new train station in Ningbo, Zhejiang Province. Chinese steelmakers are climbing up the value chain, manufacturing higher-grade products.   © Reuters

SHANGHAI -- China has embarked on a new round of consolidation in the steel business.

Following Sunday's announcement of a merger between China Baowu Steel Group, the world's second-largest steelmaker, and No. 16 player Magang (Group) Holding, industry insiders speculated that seventh-ranked Ansteel Group will likely join the alliance.

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