Baosteel

In 1998 Baoshan changed its name to Baosteel Iron and Steel Corporation in preparation for its proposed merger with shanghai metallurgical group corporation. This Chinese government owned company boasted a payroll of one hundred and twenty thousand, compared with Baosteel ten thousand. Yet shanghai Metallurgical was losing money, a situation the Chinese government hoped to turned around by merging it into profitable Baosteel.

The collapse of the Asian region economies during the crisis of the late 1990s threatened to derail the merger plans. Baosteel’s profit faded quickly; but by the end of 1998, they were able to merge with an additional shanghai based steel producer called shanghai Meishan Group Company limited and this made them a three way merger. The enlarge Business then changed his name to Shanghai Baosteel Group Corporation, with the former Baoshan taking the lead of the new company.

Baosteel which is now the largest leading steel producer in China has almost 109,000 employees, has annual revenues of about $21.7 billion; dominates the Chinese steel market and has ranked among the world’s top three producers, In terms of comprehensive advantages such as talents innovation, management and technology.

Baosteel is entitled to civil rights and assumes civil liabilities according to the law; it bears the responsibility for corporate liabilities with all of its assets and is the most competitive steel complex in China.

Baosteel produces steel plate and steels tubing. The company produces high-grade steel for automobile, shipbuilding, pipeline, household appliance, pressure vessel oil and gas transmission, oil exploration and other sector, primarily for the domestic market. The company’s steel is also used for tool and die equipment, spring and bearing, and the aero commercial aviation industries.

Baosteel started testing the public market, listing four subsidiaries on the shanghai stock exchange, in limited offering that remained off limits for foreign...