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Capital Iron and Steel Company Shifts to Hi-Tech Products
By the year 2010 iron and steel will no longer be the pillar products of the Beijing-based Capital Iron and Steel Company (CISC), also known as Shougang, when its sales volume of high and new technological products reaches 50 percent.
Zhu Jimin, general manager, said the enterprise will first lower iron and steel output from today's eight million tons to six million tons in two years. Non-iron or steel output value will exceed 50 percent this year.
CISC will use its two million sq m of land in the downtown area for real estate and service industries. It is also planning to establish a complete microelectronics production chain from chip designing and manufacturing to computer production.
The company plans to expand its business in Asia, Europe and America by making use of the Hong Kong stock market.
Zhu said their steel and iron company in Peru is progressing smoothly. The joint venture in Zimbabwe is also running smoothly.
Zhu said the company's chips for electronic watches and TV remote controllers now occupy 50 percent of the domestic market.
Robots, touch-screen computers, and auto air-conditioners also have a bright future.
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