Monday, November 17, 2008

Shanghai Baosteel Group Corporation Set Up

Shanghai Baosteel Group CorporationOn November 17, 1998, the former Baoshan Iron and Steel (Group) Corporation absorbed the Shanghai Metallurgical Holding Group Corporation and the Shanghai Meishan Group Co. to form Shanghai Baosteel Group Corporation. The new conglomerate was the largest steel producer in the country with annual steel production of nearly 20 million tons.

Baosteel Group Corporation (Baosteel) is the most competitive steel producer of China, and has been one of the FortuneGlobal 500 for five consecutive years from 2003 to 2007. In 2007, Standard & Poor granted the long-term credit level "A -" toBaosteel Group Corporation and Baosteel Co., Ltd. and raised their prospect rating from "stable" to "positive", a new breakthroughafter its record-high credit level "A -" was registered in December 2006. In the same year, Baosteel for the third time entered the Fortune's list of the Global Most Respected Companies.

Baosteel engages in the production of high-tech and high value-added premium steels as mainline. Its steelmaking capacity is about 30m t/a, its profit making ability takes lead in the iron and steel world, and its products sell well at home and abroad.Now, its steel industry covers three major categories:carbon steel, stainless steel and specially-alloyed steel, with focus placed on automotive steel (for limousine in particular), appliance steel, oil pipeline steel, drill pipe, oil well tube, high pressure boiler steel, cold rolled silicon steel, stainless steel, high alloy steel and living steel. Its produced steels possess the physical quality that can rival the world-class equivalents.

Originally Posted: China Business Daily
Author: Angulo Fu