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.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Switzerland Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
January 4, 2022
Published By in Engineering / Manufacturing
December 30, 2021
Published By in Business
December 22, 2021
Published By in Engineering / Manufacturing
December 17, 2021
Published By in Business
December 7, 2021
Published By in Engineering / Manufacturing