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Shougang Decides to Invest 0.8 Bn Yuan in Non-Steel Industries
It's learned from the Beijing Shougang Co. Ltd.(the Capital Iron and Steel Corporation), as an extra-large national iron & steel producer in China, it has decided to invest 0.8 billion yuan for the development of mainly hi-tech non-steel industries. With this as a hallmark, Shougang, whose non-steel income has outdone its steel revenue, has begun its all-round advance toward the hi-tech field.
Shougang has chosen six investment projects. It has invested 250 million yuan for participation in the development of integrated circuit industries to produce 8-inch, 0.25 micro-m chips of important significance to national economic construction; it has put in 230 million yuan to develop the design and production of software and chips; it has invested 24 million yuan to hold 12 percent share of Tsinghua Pioneering Investment Company, it will invest in electronic information and other high-tech fields whose development enjoy all-out State support; it has invested 25 million yuan to participate in a bio-chip Co. Ltd. established at the sponsorship of Tsinghua University and others, thus bringing Shougang into the hi-tech field of bio-chips; it has put in 94 million yuan to buy shares from the Tsinghua Sunbeam Co. Ltd. for the development of energy-saving and environment protection projects. It has invested 180 million yuan in the China Life Insurance Co. Ltd. established with approval from the China Insurance
Regulatory Commission, setting a precedent for iron and steel enterprises to participate in the management of life insurance business, adding a new economic growth point for Shougang.
By PD Online staff member Deng Gang
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