Baosteel to set up stainless steel division
Baosteel are planing to establish a stainless steel division to react more efficiently to the stainless steel market according to Mr Fu Zhongzhe GM.
Mr Fu noted that the oversupply in the Chinese stainless steel market will not change in the short term, so Baosteel will focus on high value added products to weather the economic slowdown. The company’s HiB silicon steel plant, which has been operational since May 2008, has already brought profit to the company.
Meanwhile, the existing Baosteel Stainless Steel Branch will conduct overall management to save costs and improve efficiency. It aims to save CNY 150 million in production costs and will carry out technological innovation activities which will help the company save around CNY 667 million in expenses.
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