同时，本文通过对比国际钢铁产业发展史，结合我国的所有制结
构的不同，指出目前我国难以实现大规模国际并购重组，发展钢铁产
业应首先着眼于推进我国国内的跨地域并购。

最后，本文以宝钢股份（600019）和西宁特钢（600117）的虚拟
并购方案为例，对两家公司的背景、财务状况、公司估值、协同效应
做出了详细论述与分析。

关键词：并购；重组；钢铁
ABSTRACT
This thesis analyzed the nature of the steel industry and status of
Chinesesteelindustry.Duetotheovercapacity,poor‐concentrationand
lowaverageprofitmarginoftheindustry,wecandrawaconclusionthat
China should restructure the steel industry to achieve development
throughmergersandacquisitions.
Meanwhile, the thesis compared the history of the international
steel industry and the different ownership of Chinese steel companies,
pointed out that our companies are difficult to achieve international
M&Aandshouldfocusonpromotingdomestictrans‐regionalM&A.
Finally, this paper took a virtual example between the Shanghai
Baosteel(600019) and the Xining Special Steel Co., Ltd(600117) and
made a detailed discussion on the background of the two companies,
thefinancialstatus,thevaluationandsynergies.
KEYWORDS:MergersandAcquisitions,Restructuring,Steelindustry