The Ministry of Industry and Information Technology (MIIT) is working on rules to regulate merger and acquisition activities in the steel industry. It’s reported there are more than 500 producers of crude steel throughout the country each with an average output falling short of one million tons per year. Five largest mills in China accounts for just 28.5 percent of the country’s total output, compared with 60 to 70 percent in the advanced economies such as the United States, the European Union and Japan. Thus it’s imperative to revitalize the industry through optimizing and consolidating the industry’s institutional structuring, especially under the circumstances of the global financial crisis and an overall excessive capacity. There has been progress in the combination of industrialization with information, added the MIIT.