Baosteel globe valves to expand raw materials, not capacity overseas
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Baosteel to expand raw materials, not capacity overseasPublished: 06 Dec 2009 19:11:39 PSTMore From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial MarketDec. 7, 2009 (China Knowledge) — Baosteel Group Corp, the parent of China’s largest steelmaker, Baoshan Iron and Steel Co<600019>, will refrain from adding production capacity and instead will pursue expansion in natural resources, said Chairman Xu Lejiang at a conference on Thursday in Beijing.Baosteel is active in expanding outside China, but will not set up new plants in foreign countries unless it is clear about the future market. If global steel demand this year decreases by 8.6% as estimated, it will be the biggest slump since the Depression. China is trying to create about two companies the size of ArcelorMittal to get better and cheaper resources. When Chinese companies expand overseas, they often choose Brazil, Russia, India, the Middle East, Southeast Asia or Africa. In contrast, Baosteel has chosen Australia. It has signed an agreement to buy a 15% stake in Aquila Resources Ltd for A$285 million. As a result of the RMB 4-trillion stimulus package, China’s economy moves forward and the need for steel increases. China has to strengthen efforts to search for new resource suppliers in order to reduce its reliance on companies including BHP Billiton Ltd and Rio Tinto Group. Baosteel is trying to do this job.Copyright © 2009 http://www.chinaknowledge.com电磁流量计 网络电话 老房子 kitchen cabinetry 门禁 Superannuation panoramic elevator 冷热冲击试验箱 物流公司