Why did Baosteel quit Ningbo Iron and Steel Company?

The reason why Baosteel withdrew from Ningbo Iron and Steel Company was to avoid losses, and the serious losses of Ningbo Iron and Steel Company were obviously unavoidable problems for Baosteel Group. Wang Jianhua believes that the loss problem is essentially difficult to stop Baosteel Group's M&A and restructuring strategy. "In the view of Baosteel Group and other large domestic steel enterprises, M&A integration is the general trend." So Baosteel withdrew from Ningbo Iron and Steel.