Hebei, a major steel province, has been at the forefront of mergers and acquisitions of its steel companies in recent years. Hebei Province recently released the "Implementation Opinions of the People's Government of Hebei Province on Promoting Mergers and Acquisitions of Enterprises". The opinion is that by 2015, the number of steel enterprises with smelting capacity in Hebei will be integrated into about 15; and the top 10 steel enterprises in the province will be strived to produce. It accounts for more than 75% of the province's total production capacity. The industry believes that the reorganization of steel restructuring in Hebei Province, Hebei Iron and Steel Group, as a reorganization of the Hebei steel industry, under the pressure of capital, it is very likely to be injected into Hebei Iron and Steel through additional issuance, it is expected that before the beginning of 2013, Xuanhua Iron and Steel, Wugang, Tangshan Iron and Steel Stainless will be injected into Hebei Iron and Steel. Jia Yinsong, Director of the Raw Materials Department of the Ministry of Industry and Information Technology, said at the Third Steel Enterprise Development Strategy Seminar on July 14 that during the “Twelfth Five-Year Plan†period, large-scale steel enterprise groups will be supported to carry out cross-regional and cross-ownership mergers and acquisitions, and local governments will be encouraged to promote Merger and reorganization of steel companies in the region. As a company with 88 smelting capacity and 41 enterprises with a steel production capacity of 1 million tons or more, its merger and reorganization has already blown the charge. It is reported that the enterprises that led the restructuring of Hebei Iron and Steel mainly include Hebei Steel Group, Tangshan Bohai Iron and Steel Group, Tangshan Great Wall Iron and Steel Group, Hebei Xinwuan Iron and Steel Group, Hebei Jinxi Iron and Steel Co., Ltd., Hebei Zongheng Iron and Steel Group Co., Ltd., etc. Among them, Tangshan Bohai Iron and Steel Group was formed by the integration of 12 private steel companies. Tangshan Great Wall Steel Group is formed by 27 private mining, steel, coking and logistics enterprises. Hebei Jinxi Iron and Steel Co., Ltd. is the core asset of China Eastern Group, and China Eastern Group is owned by ArcelorMittal, the world's largest steel company. Hebei Zongheng Steel Group Co., Ltd. also has a foreign investment and is a Sino-foreign joint venture. Hebei Iron and Steel Group is the largest state-owned steel enterprise in Hebei Province, which was formed by the merger of Tangshan Steel, Handan Iron and Steel and Chenggang. The merger and reorganization has become the benchmark in the market. According to the “Twelfth Five-Year Plan†of Hebei Iron and Steel Group, the iron ore production capacity will reach 35 million tons during the “Twelfth Five-Year Plan†period, which is about 4 times higher than the current one, and the iron ore self-sufficiency rate has increased to 40%. The operating income was 400 billion yuan, an increase of more than 90% over 2010. Since the beginning of this year, Hebei Iron and Steel has increased its acquisition of mineral resources. Recently, Hebei Iron and Steel Group and the Bixi Mining Company in Wuyuan Dawan Molybdenum Mining Zone signed an integration agreement. At this point, Hebei Iron and Steel Group completed the integration of mineral resources of 9 private enterprises in the Dawan molybdenum mining area. It is understood that at present, Hebei Iron and Steel Group is accelerating the integrated development of Mujicun Copper Mine, Zhijiazhuang Iron Mine and Yubaling Lead-Zinc Mine. According to the plan, during the “Twelfth Five-Year Plan†period, Hebei Iron and Steel Group will form a smelting capacity of 100,000 tons of zinc, 100,000 tons of copper and 10,000 tons of molybdenum in the Hebei Metallurgical Industrial Park; it will form an annual output of 45,000 tons in the Wuyuan area. Production capacity of zinc concentrate, 12,000 tons of molybdenum concentrate, 48,000 tons of copper concentrate and 1 million tons of iron concentrate. The acceleration of the integration of mineral resources in the Wuyuan area will strongly promote the major transformation of Hebei Iron and Steel Group from single mineral development to multi-mine development. Huali Securities analyst Gao Li believes that according to Hebei Iron and Steel's 12th Five-Year Plan, to achieve the strategic goal of the Group's annual output of 35 million tons of iron ore, a large amount of capital investment is required, and the company's current asset-liability ratio is high. It is unlikely that the “real gold and silver†will be repurchased. Therefore, it is highly probable that the group will inject funds into Hebei Iron and Steel through additional issuance. The analyst believes that it is expected to introduce a mining plan before the end of 2012 before Tangshan Convertible Bonds converts shares. In terms of mode selection, one directly injects some assets of Hebei Iron and Steel Group Mining Company into the listed company, and the other is that the related mineral resources are packaged with Xuangang, Wugang and Tangshan Iron and Steel, and are injected into the listed company one or more times. In addition to being able to successfully realize the debt-to-equity swap of Tangshan Convertible Bonds, it can also fulfill the promise of injecting Xuanhua Iron and Steel, Wugang and Tangshan Stainless into the listed companies.
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