Baowu Steel to take controlling stake in TISCO, China eyes more consolidation in steel sector

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China Baowu Steel Group, the country’s largest steelmaker by output, has agreed to take a controlling stake in stainless steel giant Taiyuan Iron & Steel (Group) Co Ltd, known as TISCO, in a further consolidation of the steel sector.

Baowu Group reached agreement with Shanxi State-owned Capital Operation Co Ltd on Friday to take a 51% stake in TISCO, according to a filing on the Shenzhen Stock Exchange by Shanxi Taigang Stainless Steel, a TISCO subsidiary.

The 51 per cent stake is worth 14.5 billion yuan ($2.10 billion), based on an . . .

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