Xu Lejiang News
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The chairmen of China’s sovereign wealth fund, largest energy company, fourth-biggest bank and top airplane maker were given higher positions in a ruling Communist Party undergoing a once-a-decade leadership change.
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Baosteel Group Corp. , China’s second-largest steelmaker, said iron ore producers should reconsider how they price the raw material as prices slide.
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Prices of iron ore , trading near a two-year high, may continue to climb and lead to production cuts and losses for Chinese steelmakers.
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Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, expects demand to improve in the second half as the government eases liquidity and policy restrictions, General Manager Ma Guoqiang said.
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Baosteel Group Corp., the parent of China’s largest listed steelmaker, may consider moving its main factory out of Shanghai to avoid energy consumption and environmental curbs, Chairman Xu Lejiang said.
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Baosteel Group Corp. scaled back its 2015 expansion target to 60 million metric tons capacity, the China Business News reported, citing Chairman Xu Lejiang .
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Chinese demand for steel for automobiles may be higher than last year as the government encourages spending, Baosteel Group Corp., the nation’s third- largest steelmaker said.
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The iron ore market has risen to “bubble” levels that will burst as new mines create oversupply of the steelmaking raw material, according to Baosteel Group Corp., China’s second-biggest mill.
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Guangzhou Automobile Group Co. raised its offer to buy out Denway Motors Ltd. to “enhance its attractiveness,” paying Denway shareholders 0.474026 share for each stock they own, said a release to the Hong Kong exchange.
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China’s government is scheduled to release economic figures this week for May, including data for trade, new loans, money supply, consumer prices, retail sales and producer prices.
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