On December 8, the State-owned Assets Supervision and Administration Commission (SASAC) announced on its website that: “upon approval by the State Council, China Metallurgical Group Corporation (MCC) is generally merged into China Minmetals Corporation (Minmetals) to become its wholly owned subsidiary. China Metallurgical Group Corporation is not subject to direct supervision of the SASAC any longer.”

The strategic restructuring between MCC and Minmetals has been performed according to the instructions of the central government on deepening the reform of state-owned enterprises and the general requirements of the SASAC for deeply promoting the restructuring of the state-owned economy so as to make enterprises stronger, bigger and more excellent and build a first-class metal and mining enterprise with international competitive edges.

The strategic restructuring will help central enterprises enhance their capital strengths and competitiveness in the international metal and mining industry. It will also help secure the supply of metal and mineral resources in China, accelerate the industrial restructuring and transfer of domestic steel, non-ferrous metals and other industries in China; support the implementation of China’s strategies for “going global” and “the Belt and Road Initiatives”; it will also be conducive to the layout adjustments and structure optimization of state-owned assets. Through association between strong enterprises for intensive advantages, it can improve the integrated services capabilities of the entire industry chain, and lay a solid foundation for building a world-class metal and mining corporate group.

After restructuring, MCC will be further committed to driving China’s metallurgical industry to a higher level of development and becoming a state-owned enterprise in metallurgical construction, a major player in capital construction and a pioneer in emerging industries, so as to further write a new brilliant chapter of “building a better MCC” with its cutting-edge core technology, irreplaceable advantages in the integration of the whole metallurgy industry chain, and continuous reform and innovation capabilities.

After restructuring, with the consistent development vision of “building a world-class metal and mining corporate group”, Minmetals will further play an important role in the protection of resource security, innovation in industrial upgrading and the promotion of circulation transformation in China’s metal and mining industry, so as to make greater contributions to the development of the national economy and the reform of state-owned enterprises.