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China Baowu Iron and Steel Group will take a 51% stake in Magang Group Holding Co. Ltd., as announced by Magang's listed unit on 2 June 2019, pending regulatory approval.
China Baowu Iron and Steel Group is in discussions for a mega merger with Magang (Group) Holding Co. Ltd., which would consolidate Magang's nearly 20 million metric tons of steel production with Baowu's existing 65 million metric tons, reinforcing Baowu's position as the world's second largest steel producer.