New Model to Tackle Excessive Steel Capacity

by swisscham in Business

Tangshan Iron and Steel Group Co Ltd is leading the effort to go abroad as the country’s steel and iron industry struggles with overcapacity, reports Du Juan from Tangshan, Hebei province. In March, Tangsteel acquired a 10 percent stake in Switzerland’s Duferco International Trade Holding, the world’s biggest steel trader, as a start to deepening its cooperation in multiple methods in the international market. At that time, the two companies signed a steel products structural payment agreement worth USD 1.2 billion, which gave Tangsteel a relatively more stable channel to sell its products abroad in the face of a gloomy domestic market. “This global strategy is the key to Tangsteel’s development,” said Yu Yong, president of Tangsteel and also newly named president of Hebei Iron and Steel Group, Tangsteel’s parent company, earlier this month. Hebei Iron and Steel Group, HBIS for short, is the largest steel company in the country by output. “The cooperation with Duferco has eased Tangsteel’s financial pressure and increased the diversification of its marketing channels,” said Yu.

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