According to Nikkei, China Baowu Steel Group has entered discussions to acquire No. 7 Shandong Iron and Steel Group. A deal would push Baowu Steel’s crude steel production to more than 140 million metric tons annually.
In a separate development, Baowu and other companies have established a clean energy and green technology equity fund. The fund is targeting investments of 50 billion yuan (approximately US$7.74 billion), according to the Reuters news service.