King & Wood Mallesons and Clifford Chance have represented China Baowu Steel Group, the world’s second-largest steel producer, on its acquisition of a majority stake in rival Magang Group.

According to Reuters, Baowu ranked as the world’s second-largest crude steel producer in 2017, with Maanshan Steel ranked 16th. 

The KWM team was led by partners Mingyuan Zhang, Chengmin Shen and Dongya Liu. The Clifford Chance team was led by partners Frank Yuen and Virginia Lee.