By Chuin-Wei Yap

BEIJING--China's State Council, the government's cabinet, has approved the planned merger of major steelmakers Baosteel Group Corp. and Wuhan Iron & Steel Group Co., the State-owned Assets Supervision and Administration Commission said Thursday.

The two companies confirmed the move in separate filings to the Shanghai Stock Exchange on Thursday, formalizing the tie-up after months of shareholder notices about the plan.

The combined output of the merged company, based on last year's production data, would be around 60 million metric tons, making the merged entity the second-largest producer in the world, after Luxembourg-based ArcelorMittal SA (MT).

Write to Chuin-Wei Yap at chuin-wei.yap@wsj.com

(END) Dow Jones Newswires

September 22, 2016 06:55 ET (10:55 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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