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Four iron and steel companies in North China's seaport of Tianjin have been merged into a new enterprise -- Bohai Iron and Steel Group. The new group will have an annual production value of 100 billion yuan, making it a leading iron and steel company in the region.
It comes after iron and steel companies merged in major producer provinces like Hebei, Shandong and Shanxi. The four smaller companies that form the new group, previously had a total annual production value of less than 100 million yuan. After merging, the new group will ascend to the top 10 iron and steel companies in the country.
Tianjin is setting up an iron and steel production center, which is expected to become the second largest iron and steel base in China.