SHANGHAI, June 23 (Reuters) - Baosteel Group, China’s top steel producer, plans to pay $4.2bn for a controlling stake in a new steel mill, which will merge two existing mills, as China calls for the formation of national steel champions.
Baosteel Group, parent of Baoshan Iron and Steel, will take over Shaoguan Iron and Steel Group and Guangzhou Iron and Steel Group to launch a new company – Guangdong Iron and Steel Group Corp based in Guangzhou, a statement by the listed unit of Shaoguan Steel said late on Monday.
