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China high end steel manufacturer goes green after being in red-The 19th China(Guangzhou)Int’l Metal &Metallur
gy Exhibition-metal exhibition
11/7/2017 steel expo-metal &metallurgy expo |
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ECNS reported that a state of the art steel mill in Zhanjiang has helped transform the industry in China after switching to high-end production. Six years ago, one of the major players in the sector, Baosteel, rolled out the Zhanjiang Baosteel project, a long-term plan to boost profits. It was designed to cope with rising demand for high-quality steel in South China and emerging markets in the Belt and Road economies. The decision was in line with the government''s plans to reduce overcapacity in the industry amid supply-side reforms. As part of the strategy, Baosteel cut production by about 20 million metric tonnes at its Shanghai and Guangdong mills. The company then built a new 12.58-square-kilometer plant in Zhanjiang, which started production last year.
Mr Sheng Genghong, vice-president of Baosteel and head of the Zhanjiang project said that "Zhanjiang Baosteel is positioned to become the world''s most efficient green production base for carbon steel. The switch to producing high-quality carbon steel instead of crude steel is starting to pay off. Carbon steel output for the automobile industry reached 800,000 tonnes in the first six months of this year as domestic demand soared, particularly for new energy vehicles or NEVs. They require thinner and stronger materials.”
By moving into the high-end marketplace, Zhanjiang Baosteel has tapped into a profitable part of the business. In the first half of 2017, it bounced back into the black after recording a net profit of 1.35 billion yuan (USD 203 million), the company revealed.
Last year, the steelmaker went into the red after making a loss of 700 million yuan, according to the annual report.
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