Jinan Iron, Laiwu Surge by Daily Limit for Fifth Straight Day

Bloomberg reports that Jinan Iron and Steel Co. (SHA:600022) and Laiwu Steel Corp. (SHA:600102) rose by the 10 percent daily limit in Shanghai for a fifth consecutive trading day again.

The market news is quoted as saying,

The merger plan announced last week is the third attempt by Jinan Steel to merge with sister company Laiwu Steel after shareholders blocked the previous plans. Jinan Steel and Laiwu Steel’s parents were merged to form Shandong Iron & Steel in March 2008 amid a government push to consolidate steelmakers to help them compete globally and boost their bargaining power for raw materials, including iron ore.

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