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PrintAccording to its general manager Mr He Wenbo the deepening global financial crisis has badly hurt steel market and plunged steelmakers into huge losses. Baosteel, as China's top steel producer, also felt the pinch of the winter and facing the most difficult time in 30 years.
To counter the market adversity, leading officials of the steel giant have put forward detailed countermeasures at various occasions, sticking to the pillar businesses and securing the precious opportunity of nationwide steel sector restructuring urged by the central government.
At a recent internal conference, Mr Xu Lejiang president urged to improve management skill, lowering costs and speeding up technical innovation. Production and marketing strategy should be readjusted rapidly according to market operation, in addition to engineering and purchasing strategies adjustment.
Mr Xu also urged to accelerate the progress of new products development and improve the ratio of high value added ones, specifying and strengthening cash management, and strictly adhere to credit management system; compressing and regulating internal fixed assets and long term invests scale, further optimizing risk managing system, etc.
Mr He Wenbo added at the conference that Baosteel should keep a close eye on the trends of home and overseas peers, joining in the industry consolidation actively to fulfill a sustainable development.
(Source: Shanghai Securities News)
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