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Shougang to axe 21% of workers

By Gong Zhengzheng (China Daily)
Updated: 2007-03-29 08:51

Zhu said Shougang aimed to double its steel production, turnover and profit by 2010 from 2005.

It plans to produce 20 million tons of steel in 2010. Last year, its steel production amounted to 10.5 million tons.

The company posted a profit of 2.8 billion yuan in 2006, up from 2.3 billion yuan the previous year. Its turnover climbed by 8.5 percent to 87.5 billion yuan last year.

Shougang also aims to be one of the world's top 500 multinational companies by 2019.

The group now has an annual steel production of 8 million tons in Beijing and another 4 million tons in Hebei.

Zhu said it planned to cut Beijing production capacity by 4 million tons by the end of this year.

He said earlier that Shougang was considering merging with smaller Chinese steel firms to expand in China, which has been the world's biggest steel producer for a decade.

But he didn't reveal details.

Crude steel production in China surged by 18.5 percent to 418.8 million tons last year from 2005, according to data from the China Iron & Steel Association.

The association predicted that production this year would grow by 10 percent.

(China Daily 03/29/2007 page14) 

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