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History of Benxi Iron & Steel | 1905–2021 Company Timeline

History of Benxi Iron & Steel Benxi Steel logo

In 2020, its last year as a separate company, the Benxi Steel Group was the 19th largest steelmaker in the world, producing 17.4 million tonnes (Mt) of steel (worldsteel). The company was acquired by Anshan in 2021. Its listed steel arm, Bengang Steel Plates, produced about 10.0 million tonnes of crude steel in 2025 (company annual report, 2025).

Benxi Steel Timeline

  • Japanese Colonial Era (1905–1948): Japanese opened coal mine at Benxi, became Sino-Japanese joint venture, fell under Japanese control during Manchuria occupation, business returned to Chinese control after WWII
  • Early Chinese Development (1948–1955): Coal mine spun off and sold as Benxi Mining Bureau, Chinese government invested in Liaoning iron and steelmaking with USSR technical support
  • Corporate Structure Formation (1995–1997): Created Benxi Iron and Steel Group Mining Co Ltd for ore operations, formed Benxi Steel Plates Co Ltd as specialised plate producer
  • Strategic Expansion Attempts (2005–2011): Prematurely announced merger with Anshan I&S, mulled stainless steel production entry, completed acquisition of Beitai Steel, pursued stainless steelmaking expansion plans
  • Operational Challenges (2017–2019): Blast furnace fire shut down one third of iron making capacity, confirmed abandonment of long-discussed Anshan merger plan
  • Final Integration (2020–2021): Commissioned high-grade steel slab caster supplied by SMS, press reports of renewed Anshan merger discussions, Anshan Iron & Steel acquired major equity stake completing long-anticipated consolidation
Timeline shows transformation from Japanese colonial mining operation through Chinese state development to eventual integration with Anshan Steel. Demonstrates long-term consolidation trends in Chinese steel industry and resolution of decades-long merger speculation.

The timeline below covers the history of the firm.

  • 1905: The Japanese open a coal mine at Benxi.
  • 1910: Mine becomes a Sino-Japanese joint venture.
  • 1931: Falls under Japanese control after occupation of Manchuria.
  • 1948: Business returns to Chinese control.
  • 1953: Coal mine spun off and sold as Benxi Mining Bureau.
  • 1955: Gov invests in Liaoning iron and steelmaking.
  • 1995: Creation of Benxi Iron and Steel (Group) Mining Co Ltd.
  • 1997: Formation of Benxi Steel Plates Co Ltd.
  • 2005: Prematurely announces merger with Anshan I&S.
  • 2008: Mulls commencement of stainless steel production.
  • 2010: Benxi Steel completes acquisition of Beitai Steel.
  • 2011: Pursues expansion plans in stainless steelmaking.
  • 2017: BF fire shuts one third of Bengang iron capacity.
  • 2019: Confirms abandonment of Anshan merger plan.
  • 2020: Commissions high-grade steel slab caster supplied by SMS.
  • 2021: Press reports talk of renewed merger plans with Anshan Iron and Steel.
  • 2021: Anshan Iron & Steel acquires major equity stake in Benxi Steel. For further information see history of Ansteel

Notes
  • 1910: This JV was named as the Benxi Lake Commercial Coal Mining Company Limited.
  • 1955: Much of this investment, based on open-hearth furnace steelmaking, was made with technical support from the USSR.
  • 1995: The Benxi Iron and Steel (Group) Mining Co operates several iron ore mines, including the Nanfen Open-Pit Mine, the Waitoushan iron mine and iron ore mining at Jiajiapu.
  • 1997: Beitai Iron & Steel Group Co, Ltd was incorporated as a limited liability company in Benxi, Liaoning Province, China, in 1997.
  • 1997: Plate business is also known as the Bengang Steel Plates Co Ltd.
  • 2005: The merger of Benxi and Anshan Steel did not in the end take place. The newly-formed entity was to have been called the Anben Iron & Steel Group, and would have been the third largest steelmaker in China after Hebei Iron and Steel Group and Baosteel Group.
  • 2010: The Benxi Steel Group [Bengang Group] was formed as a holding company for the Benxi Iron and Steel (Group) Co Ltd and for the Beitai Iron and Steel (Group) Co Ltd.
  • 2019: Benxi Steel and Ansteel are located in northeast China's Liaoning province. Benxi is backed by the provincial government and Ansteel is backed by Beijing. Rumours about a potential merger between the two groups have continued since 2005 but were finally denied by Benxi's Chairman Chen Jishuang in March 2019.
  • 2020: New single-strand slab caster to be installed at Benxi in north-east China is designed for annual production of ~1.6 million tonnes of slabs of 230–250 mm thickness and 1,000–1,900 mm width. Commissioning is scheduled for the end of 2020.
  • 2021: If it did take place, a merger of the two Chinese steel giants Anshan Iron and Steel Group and Benxi Steel Group – a move discussed since the early 2000s – would create the world's third largest steelmaker.
  • 2021: In August 2021, China's Liaoning province transferred its 51% share stake in Benxi Iron & Steel, or Bengang, to central government-owned Anshan Iron & Steel for free, thus effecting the takeover.

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