Ansteel, a state-owned steel maker, completed the acquisition of a 51% stake of Benxi Steel, a manufacturer and distributor of steel products for $46bn. “After the realignment, we will realise resource integration and coordinated development in R&D (research and development), procurement and sales, making a contribution to the revitalisation of Liaoning and northeast China. The total number of employees in Ansteel after the restructuring is about 200k. We promise not to cut staff,” Tan Chengxu, Ansteel chairman.