(Yicai Global) Nov. 22 - Shares in Baoshan Iron & Steel [SHA:600019] and Angang Steel [SHE:000898] plunged after reports of a merger between parent firms Baowu Steel and Ansteel were denied

As of 9.58 a.m., Baoshan Iron & Steel was down 2.29 percent at CNY7.26 (USD1.05) while Angang Steel tumbled 3.29 percent to CNY5.87.

Baowu Steel is the parent company of the Baoshan Iron & Steel and Ansteel is the parent of Angang Steel.

China is planning to merge Baowu Group and Angang Group to meet the industry consolidation targets set by the government along with Baowu Group's own future production targets in the coming years, Bloomberg had previously reported.