(Yicai Global) Nov. 22 -- Major Chinese steelmakers Baoshan Iron & Steel and Angang Steel Company have denied market reports of their parents' merger and restructuring, they separately announced yesterday.

Neither Baoshan nor its controlling shareholder China Baowu Steel Group -- both based in Shanghai -- have received any written or oral information from officials regarding the matter, nor have they negotiated with Anshan Iron & Steel Group -- Angang's parent -- on such issues, Baoshan's announcement said. Angang issued a similar statement.

China is planning to merge and restructure Baowu Steel and Anshan Iron & Steel to meet the government's industry concentration target and Baowu Steel's own production goal, foreign media reported earlier that day.

Baowu Steel is China's largest steelmaker and the one with the highest level of modernization. Headquartered in Northeast China's Liaoning province, Anshan Iron & Steel is also a well-known Chinese steel maker. Dai Zhihao, chairman of an A-share listed unit of Baowu Steel, resigned and became the general manager of Anshan Iron & Steel on Nov. 19, which apparently gave substance to the notion of the two companies' merger.

Editor: Ben Armour