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China in plans to streamline auto and steel industries

Chosun reported that China recently announced a restructuring plan for its car and steel industries that envisages consolidating the two industries into a few big players.

According to the report the Chinese State Council named the companies it wants to lead the consolidation. Among carmakers, it wants FAW, Dongfeng, Shanghai Automotive Industry Corporation, and Changan to buy smaller players, while four other companies including Beijing Automotive Industry Holding, part of Beijing Hyundai with Korea’s biggest automaker, and Chery Automobile should spearhead regional efforts.

China hopes two or three of the resulting firms will produce more than two million units a year, while the production capacity of the other four or five will rise to an annual average of 1 million units.

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