Sinosteel Merges into World Largest Steel Company China Baowu Steel Group
22nd December 2022 | Hong Kong
Sinosteel, which ran into debt troubles and placed under the custody of China Baowu Steel Group in 2020, has now merged into China Baowu Steel Group. China Baowu Steel Group is the world’s largest steel company by revenue. The merger announcement was made by China State-owned Assets Supervision & Administration Commission.
“ Sinosteel Merges into World Largest Steel Company China Baowu Steel Group “
Sinosteel
Sinosteel Corporation abbreviated as Sinosteel is a central enterprise under the administration of the State-Owned Assets Supervision and Administration Commission. Sinosteel is mainly engaged in developing and processing of metallurgical mineral resources, trading and logistics of metallurgical raw materials and products, and related engineering technical service and equipment manufacture. It is a large multi-national enterprise with clear-defined core businesses that integrate resources development, trade & logistics, engineering project and science & technology, equipment manufacturing and specialized service, providing comprehensive auxiliary service for steel industry and other strategic emerging industries.
After dozens of years of development, Sinosteel has accumulated strong driving force. Looking forward to the future, Sinosteel will fully exert its advantages, accelerate the transformation of economic development mode and the adjustment of economic structure, actively expand strategic emerging industires and enhance the comprehensive strength. The commitment will remain that Sinosteel endeavors to improve the finance service ability and the depth of the integration of industry and finance, pay attention to the expansion of industrial extention and provide metallurgical industry with integration services of resources, science and technology and equipment. With all these missions bearing in mind, Sinosteel strives for establishing a large group enterprise that is based on trade and logistics, supported by resources and equipement and focuses on engineering science.
China Baowu Steel Group
China Baowu Steel Group Corporation (hereinafter referred to as China Baowu) has always taken loyalty to the Party, the country and the people as the primary pursuit, and is committed to building “one base and five element” pattern for the coordinated development of new material industry, intelligent service industry, resources and environment industry, industrial park industry, industrial finance with iron and steel manufacturing industry featuring green, premium quality and smart as the base. In 2020, China Baowu was included into the central enterprises by the State-owned Assets Supervision and Administration Commission of the State Council to establish a world-class model enterprise. In June 2022, after a special evaluation by the State-owned Assets Supervision and Administration Commission of the State Council, China Baowu officially transformed from a pilot enterprise of a state-owned capital investment company into a state-owned capital investment company, marking the basic completion of the successful transformation from an industrial group to a state-owned capital investment company.
China Baowu has completed the R&D and manufacture of a series of key materials in many fields, such as aerospace, energy and electric power, transportation, and national major projects, and solved a large number of difficult problems of “bottleneck” materials, effectively supporting the high-quality development of our national economy. In the fields of automobiles, home appliances, and construction, China Baowu keeps climbing, surpassing, innovating and upgrading, launches a series of premium iron and steel products that meet the needs of the development of the new era, constantly contributing Baowu’s strength to realizing the people’s yearning for a better life, and becoming a well-deserved “pillar of the country”.
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