It is reported that Henan Jiyuan Iron & Steel Co signed strategic alliance agreement with Henan Coal Chemical Industry Group Co in Zhengzhou city on June 24. Under the agreement, the two sides will achieve mutual benefits and win-win cooperation.
Vice provincial governor Mr Chen Xuefeng and leaders from Jiyuan city attended the signing ceremony. Mr Chen Enxiang president of Henan Coal Chemical Industry Group Co and Mr Li Yutian president of Jiyuan Steel Group signed the agreement.
As per report, Henan Coal Chemical Industry Group Co was restructured in the end of 2008 and took lead to achieve more than CNY 100 billion of total assets and operating revenues. In 2010 both the total assets and the operating revenues of the enterprise reached CNY 140 billion with coal, chemical industry etc top ranked nationwide.
Jiyuan Steel as the key enterprise in Jiyuan city as well as in China is capable of producing 3 million tonnes of crude steel, steel and finished steel respectively on an annual basis.
In order to enhance the overall strength and competitiveness, Henan province not only encourages cooperation between upstream and downstream enterprises, it also pushes forward mergers and acquisitions. In May 30 2011, Henan Anyang Yongxing Iron and Steel Co Anyang Huacheng Special Steel Co, Henan Huifeng Pipe Co and Henan Liyuan Coking Co jointly established Henan Shagang Steel Group.
After establishment, the group is capable of annually producing 4mln tonnes of crude steel, 4 million tonnes of steel, 3 million tonnes of finished steel and 2.7 million tonnes of metallurgical coke.
Sourced from mysteelnet.com