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Leading Steel Maker Sees More Profit
Handan Iron and Steel Corporation, a leading state-owned enterprise and steel manufacturer in north China's Hebei Province, continues to make a profit while many other metallurgical companies mire in difficulties.
It has achieved some 550 million yuan (US$66.5 million) of profit last year, according to sources from the company, topping among other companies in the metallurgical industry.
Sources also said that the corporation benefited a lot from the readjust of product structure, technical renovation and scientific administration. It has saved 90 million yuan (US$11 million) in construction of new projects by introducing a strict financial system and management.
Handan Iron and Steel Corporation is famous for turning a loss-making state-owned business into a profitable entity through effective measures.
Founded in 1958, the Handan Iron and Steel Company with a workforce of 28,000 had been on a losing track until 1990.
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