[Ferro-Alloys.com] China Baowu Steel Group, the nation's largest steelmaker, is approaching its target of becoming a global industry leader with an annual output of 100 million metric tons as it intends to acquire a controlling stake in Chongqing Iron and Steel Co Ltd.

Shanghai-listed Chongqing Iron and Steel announced on Friday in a statement that its actual controller, Four Rivers Investment Management Co Ltd, had signed a letter of intent with China Baowu on transferring the controlling stake in the steelmaker.

Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of 1,541,000 net tons (NT) of steel in November 2019, including 1,311,000 net tons (NT) of finished steel (down 29.9% and 12.5%, respectively, vs. October final data). Through the first eleven months of 2019, total and finished steel imports are 26,332,000 and 19,675,000 net tons (NT), down 17.3% and 18.1%, respectively, vs. the same period in 2018. Annualized total and finished steel imports in 2019 would be 28.7 and 21.5 million NT, down 14.8% and 16.5%, respectively, vs. 2018. Finished steel import market share was an estimated 15% in November and is estimated at 19% over the first eleven months of 2019.

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