Reorganization of steel enterprises triggers the four party interest chain, the country enters the c

On September 6, when Shandong Iron and Steel and Rizhao Iron and Steel officially announced that they had signed an agreement on assets reorganization and cooperation, and agreed that the two sides would jointly increase their capital to Rizhao Co., Ltd. of Shandong Iron and Steel Group for assets reorganization, the big reorganization of iron and steel, which began at the beginning of the year, officially kicked off.

According to the agreement between the two sides, Shandong Iron and Steel and Rizhao Iron and Steel will share 67% and 33% of the company respectively with cash contribution and net assets after evaluation, and Rizhao Iron and Steel, which was originally privately owned, will become a subsidiary of the state-owned Shandong Iron and Steel Company. This way of "national advance and civil retreat" will then be interpreted as a heavy domestic steel industry. The mainstream way of group.

Affected by this, Baosteel, Angang, Benxi Steel, Baotou Steel and Handan Iron and Steel (600001, stock bar) and other related to restructuring of the superior company's share price followed a strong trend, in the previous period of continuous decline, almost all appeared a 5% increase, and Angang is more than 16% in four days, but the market for steel restructuring of the chase fear. Fear is not smooth sailing.

Industry restructuring

Four competing interests

Compared with the upsurge of setting up four big steel groups in 2008 in China's iron and steel industry, it was originally thought that the industry had ushered in an era of great integration in 2009. However, since the beginning of the year, in addition to the repeated statements made by the regulatory authorities and the voice of steel mills brought about by iron ore negotiations, the iron and steel enterprises concerned have been recognized by the industry. The restructuring news seems to have disappeared.

"In fact, this year is mainly the reorganization of the two companies, one is Baosteel into the ownership of Ningbo Iron and Steel, one is the Shandong Iron and Steel and Rizhao Iron and Steel cooperation. Luo Rongjin, an analyst of the national securities industry, told reporters, but the reality is that Anben, who encouraged the first joint restructuring in the "Steel Industry Adjustment and Revitalization Plan" at the beginning of this year, and the news that WISCO has not made any substantial progress so far, more restructuring is only a thunderstorm, it is difficult to make substantial progress.

Zhang Xiaogang, general manager of Anshan Iron and Steel Co., said recently: "The best time for merger and reorganization is when overcapacity actually endangers the development of the industry. But this time the market bad time is too short, the country pulls the economic policy effect to appear quickly, has not caused the substantive harm to the enterprise. Now, iron and steel enterprises are still good, so mergers and acquisitions are more difficult. "

In fact, in addition to the reasons mentioned by Zhang Xiaogang, the contradiction between central enterprises and local interests is also a reorganization.