The strongest sound! Merger and reorganization of the steel industry will become the trend!-Zhongrui Metal Material

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The strongest sound! Merger and reorganization of the steel industry will become the trend!

Release time:

2017-10-26

With the recent acceleration of the integration of central enterprises, the merger and reorganization of iron and steel enterprises is also expected to heat up. However, industry insiders believe that the current profitability of steel companies has improved beyond expectations, so the best window for industrial restructuring may have been missed. However, some people think that the best window period for the integration of the steel industry cannot be judged by the improvement of profits. So, what do you think?

Steel restructuring is expected to heat up

Recently, the reform of the central enterprises has been continuous. On August 16, China Unicom's mixed reform plan surfaced, including Tencent, Baidu, Jingdong, Alibaba and other 14 institutions to participate in Unicom's mixed reform;

On August 21, SASAC reported that with the approval of the State Council, China Light Industry Group Corporation and China National Crafts (Group) Corporation were merged into China Poly Group Corporation and became its wholly-owned subsidiaries;

On August 28, the State-owned Assets Supervision and Administration Commission announced that China Guodian Corporation and Shenhua Group Co., Ltd. officially announced their reorganization; last week, China National Building Materials and Sinoma Group's listed companies were suspended on a large scale, and the two will also implement reorganization.

After a basic interval of about a week, new news was released about the reform of central enterprises. This rhythm made market funds restless, and many investors focused on the steel sector. Reporters noted that the recent policy level frequently released to speed up the merger and reorganization of the steel industry information. Bai Yingzi, director of the Reform Bureau of the State-owned Assets Supervision and Administration Commission, said at the media briefing on the reorganization and integration of SASAC central enterprises that the reorganization of enterprises in the fields of equipment manufacturing, power, steel, shipping, building materials, and tourism will be steadily promoted, and resources will be concentrated to form a joint force to reduce disorderly competition and homogeneity. Qualified operation. The website of the National Development and Reform Commission also wrote that one of the key tasks in the next stage of the steel industry is to vigorously promote corporate mergers and reorganizations.

The best time has been missed?

However, steel analysts told reporters yesterday that the current theme of the steel industry's industrial policy is still to reduce production capacity, and one of the most effective means of reducing production capacity is environmental protection and production restriction. The implementation of this round of environmental protection policy is unprecedented, coupled with the unprecedented supervision of the compression of production capacity, can be expected to achieve unprecedented results. This objectively reduces the importance of merger and reorganization policy in the present. She bluntly said that China's industrial restructuring is easier to advance when the industry is generally losing money. And when the industry's profitability improves, there's a lot of resistance. The reason is that iron and steel enterprises are not willing to be merged, only when it is difficult to continue, it is easier to accept the option of being merged. Thanks to the effectiveness of supply-side structural reforms, the profitability of steel companies has improved beyond expectations, so the best window for industrial restructuring may have been missed. Only when the next low tide of industrial operation comes, will the climax of the merger and reorganization of the steel industry be ushered in.

However, some analysts pointed out that the speed and intensity of the integration of central enterprises has far exceeded expectations, and the best window period for the integration of the steel industry cannot be judged by the improvement of profits. "Cyclical stocks are like this. As soon as their performance is good, they don't want to move. As soon as their performance is poor, they hope for administrative intervention. This is not normal."

Wei Wei, an analyst at China Steel Network, believes that mergers and acquisitions will become the trend.

1. Merger and reorganization is a major plan for the steel industry. The long-term trend must form a strong and large industrial concentration in order to obtain the right to speak more easily.

2. The best window period does not mean that it is the best state only when it is in a state of loss. It is also a point to eliminate production capacity and backward.

3, steel restructuring is concerned about the restructuring method: good profit merger profit difference, state-owned enterprises merger private enterprises, enterprise group is the need to seriously consider and treat. For example: the merger of Baowu Steel. The structure and layout of Baosteel and WISCO are similar, and they are also complementary. Although WISCO has difficulties in operation, it also has a lot of high-quality capital and advanced technology. This wave of merger and reorganization of the iron and steel industry will begin under the drive of central enterprises. If the merger continues, more state-owned iron and steel enterprises will join the ranks of merger and reorganization.

Stainless steel peak season is not prosperous, off season is not light late how to go

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Stainless steel peak season is not prosperous, off season is not light late how to go

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