China’s Premier Wen Jiabao said the country’s steel industry is beginning to recover due partly to the government’s stimulus policies, Reuters reported, citing a report today in state media. "Signs that the steel industry is turning better are related to national policies for promoting car and electronics sales in rural areas," Wen was quoted as saying on a government website. January figures for steel production will not be released by the National Bureau of Statisitics until March. Steelmakers’ shares soared in Shanghai yesterday due to speculation that the government may encourage industry mergers. Baoshan Iron & Steel rose by 9.93% after a state media report said the steelmaker might buy three affiliates. Angang Steel and Maanshan Iron & Steel rose 9.09% and 10.1% respectively.
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