Nov. 4 (Bloomberg) -- China is seeking to create one or two steelmakers with annual capacity of 100 million metric tons by 2015 through encouraging industry consolidation, the China Business News reported, citing an official it didn’t identify.

The industry policy, a revision of the one announced earlier this year, was drafted by the Ministry of Industry and Information Technology and is now being reviewed by steelmakers, the report said. Rules related to foreign trade were also added to the draft, which may be announced this year, it said, without giving details.

The country’s ten biggest mills should account for 65 percent of national capacity by 2015 and 75 percent by 2020, the report said.

--Xiao Yu. Editors: Tan Hwee Ann, Wendy Pugh.

To contact the Bloomberg News Staff of this story: Xiao Yu in Beijing at yxiao@bloomberg.net

Last Updated: November 3, 2009 20:42 EST