寶鋼武鋼合併邁出第一步
Two Chinese steel groups have taken the first step in a long-awaited takeover to create the world’s second-largest steelmaker — a move that Beijing hopes will spark a wave of consolidation and improve efficiency in the bloated industry.
兩家中國鋼鐵集團向着各方期待已久的合併邁出第一步，將締造全球第二大鋼鐵製造商，中國政府希望此舉將引發併購浪潮，並提高這個臃腫行業的效率。
However, analysts said that the deal between Baoshan Iron and Steel and Wuhan Iron & Steel is only part of what is likely to be a long and complex process to consolidate China’s fragmented steel industry.
然而，分析師表示，寶鋼股份(Baoshan Iron and Steel)和武鋼股份(Wuhan Iron & Steel)之間的協議只是整合中國分散的鋼鐵行業過程的一部分，這個過程很可能是漫長且複雜的。
On Tuesday Baoshan, the listed arm of China’s second-largest steel producer Baosteel Group, said it would issue new shares in order to absorb the listed arm of Wuhan Iron & Steel Group, China’s fifth-largest steel producer by volume.
週二，中國第二大鋼鐵製造商寶鋼集團(Baosteel Group)的上市子公司寶鋼股份表示，將發行新股，以吸收合併中國第五大鋼鐵製造商（按產量計算）武漢鋼鐵集團(Wuhan Iron & Steel Group)的上市子公司。
The subsuming of Wisco’s traded entity by Baosteel’s listed unit is a preliminary step in the merging of the two parent groups, and is subject to Chinese regulatory approval, according to a filings by both companies.
根據兩家公司遞交的監管申報文件，寶鋼上市子公司吸收合併武鋼上市公司是兩家母公司合併的預備步驟，並將有待中國監管部門審批。
The merger does not mean success of this “test case”, according to Xu Zhongbo, an analyst at Beijing Metal Consulting. “The most important thing is that steel production comes together quickly,” he said.
北京梅塔科諮詢公司(Beijing Metal Consulting)分析師許中波表示，此次合併不僅意味着這一“測試案例”的成功。他表示：“最重要的是鋼鐵生產迅速合併。”
He added: “In the two groups there are many small companies and it will take a long time to decide which businesses will be sold or closed — this could be a costly process.”
他補充稱：“這兩個集團有很多小企業，需要很長時間才能確定哪些企業將被出售或關閉，這可能是一個代價高昂的過程。”
The creation of Baowu Steel Group — as China’s press has dubbed the merged entity — is considered the starting point for Beijing’s plans to improve Chinese efficiency by pushing zombie companies out of operation.
寶武鋼鐵集團（這是中國媒體給合併後實體起的名字）的締造被視爲北京方面計劃的起點，目的是促使殭屍企業破產，提高中國工業效率。
China’s steel’s overcapacity helped plunge the global industry into crisis last year, when surging cheap Chinese exports dragged down global prices.
中國鋼鐵業的產能過剩導致全球鋼鐵行業去年陷入危機，當時不斷激增的中國廉價鋼鐵出口拖低了全球價格。
