Angang Holding, the mainland's largest steel complex, plans to reduce its payroll by 10 per cent this year, general manager Liu Jie said yesterday. The number of steel manufacturing workers would be reduced by 5,000, including redundancies and retirements, he said. Mr Liu, also chairman of Hong Kong-listed Angang New Steel, said the cuts, which would end this year, would be made gradually. Angang Holding made a profit of 80 million yuan (about HK$74.48 million) last year. Originally it had 180,000 employees. Mr Liu said the group was acquiring a steel plant in Dalian but it had no plans to inject it into the listed arm. Mr Liu also denied that the group had plans to merge with Benxi Iron and Steel in Liaoning.