China to unveil steel merger plans this week: reports

Two of China's top steelmakers announced plans Tuesday to merge,creating the world’s second-largest manufacturer of the commodity as markets struggle with a glut caused by Chinese overcapacity. The world's second largest economy is trying to overhaul its lumbering state sector and especially its steel industry, by using mergers and restructuring to cut chronic overproduction and create world-beating mills. Baosteel Group, China’s second-largest steelmaker, will issue new stock to exi