China to launch Hebei Steel as new industry leader
Author: unknow
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Date:
2008-6-13
Source: steelguru
It is reported that Hebei Steel Group will be officially launched to create a new industry leader and would improve the sector's efficiency and productivity.
China Securities Journal reported that Hebei's provincial government has agreed to merge Tangshan Steel Group and Handan Steel Group to create the new Hebei Steel Group which will become China's No 1 steel maker overtaking Shanghai based Baosteel Group.
The newspaper, citing unidentified sources familiar with the situation said that the new Hebei Steel Group will have annual productivity of nearly 32 million tonnes of iron and steel, more than that of Baosteel Group.
The newspaper without giving a timeframe said that "According to the long term strategic plan by the Hebei province government, the new group will have annual productivity of 50 million tonnes of iron and steel, making it a world class iron and steel enterprise. It added that without the merger, Hebei cannot compete against domestic rivals and expand out of China."
The newspaper said the merger and the creation of Hebei Steel Group is a first step towards helping Henan province solidifies its position as China's top province by steel productivity.
It said Mr Wang Yifang general manager of Tangshan Steel Group is the chief of the government led team in charge of the creation of Hebei Steel Group and Mr Liu Rujun chairman of smaller Handan Steel Group. It added that the top management of the new Hebei Steel Group will be announced soon.