Big merger forms No 2 steel giant

Newly created China Baowu Steel Group Corp aims to be a global leader as it undertakes multiple market-based reforms, including eliminating excess capacity and enhancing its international competitiveness.

The company - formed from the merger of Shanghai Baosteel Group Corp and Wuhan Iron & Steel Group - was launched in Shanghai on Thursday, becoming the world's second-largest steelmaker, just behind ArcelorMittal.

Ma Guoqiang, chairman of Baowu, said the new group will lead in industrial growth and technological innovation through cutting overcapacity, structural reform, technological upgrading and green development.