China's Leading Iron, Steel Giant Aiming High

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Last updated at: (Beijing Time) Monday, January 13, 2003

China's Leading Iron, Steel Giant Aiming High

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The Baoshan Steel Complex, China's leading iron and steel producer, is investing in a number of major projects in the aim of turning itself into one of the world's most competitive companies in the global industry.

They included the construction of a wide- and heavy-plate rolling production line and auxiliary casting facilities, and a cold-rolled belt steel project, said sources from the Shanghai-based Baoshan Iron and Steel Group Co. Ltd, a subsidiary of the Baogang Group.

Investment in those two projects alone will total 12 billion yuan (1.45 billion US), and is designed to expand production to meet the growing demand for steel in China's auto, shipbuilding and construction industries.

The wide- and heavy-plate rolling production line project, to supply shipbuilders as well as oil pipeline projects, will be built in two stages. The first phase will be completed by April 2005, with an annual capacity of 1.4 million tons. And the annual production capacity will be enlarged to 1.8 million tons by 2007.

The other 6 billion yuan (about 723 million US dollars) will bespent on building the cold-rolled belt steel plant to supply auto and home appliance makers. The main production line will be ready in March 2005, with an annual production capacity of 1.9 million tons.

The Baoshan Steel Complex has so far produced 120 million tons of steel and exported 13.99 million tons of rolled steel products since it was founded 24 years ago.

The company, now publicly listed, has generated 303 billion yuan (about 36.51) in sales revenue to date and paid 40.156 billion yuan (about 4.84 billion US dollars) in taxes to the state.

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