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PrintSecurities Daily reported that that, a subsidiary under Sichuan-based Panzhihua Steel Group a state-run mill will not cut staffs.
Mr Chen Xingui president secretary of the steel producer said "We have more than 20,000 employees at the moment, and as a state owned enterprise, we have our social responsibilities and won't cut staffs in whatever cases. And we will fare through the market winter through development instead of staff cuts."
He said when asked his opinion about the future trend amid the stabilizing steel market since the mid of November it remains unclear how the Beijing's stimulus package would help jolt the steel market.
Mr Chen said the CNY 3.5 trillion railway investment, once launches, will pose material effect on steel demand. The huge invests are reported to bring some CNY 245 billion to CNY 350 billion demand for steel rail according to some institutes' calculations, and that will benefit the steelmaker a lot.
He said that "We have advantages in steel rail production, and are sole-producer for some specs like the steel rail with speed of over 300 kilometers per hour. The mill will yield over 0.8 million tonnes of the product this year, and is likely to ramp up its capacity in accordance with the detailed arrangements of the Ministry of Railway.”
PZH New Steel & Vanadium boasts a large railway consuming steel production, with its ratio taking up over 20% of the total.
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