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Baosteel Establishes International Resource Headquarters in Hong Kong
12/28/2010 - Baosteel announced the recent inauguration of Baosteel Resources (International) Limited in Hong Kong, the company’s first location in the Far East and a major step in the company’s implementation of international operations.
Baosteel announced the recent inauguration of Baosteel Resources (International) Limited in Hong Kong, the company’s first location in the Far East. This is a major step in Baosteel's construction of oversea resource security system and the implementation of international operations.
After its establishment, Baosteel Resources (International) Limited will implement a dual headquarters system
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As increasing raw materials prices continue to place increasing pressure on the international steel industry, resource security has become a strategic focus for all steel companies.
Baosteel Resource, a wholly owned subsidiary of Baosteel Group, is principally engaged in mineral resources, investment, trade and logistics services.
In the four years since its establishment, Baosteel Resource has achieved initial results through its focus on international resource development and control, including an average annual sales income of 25.235 billion yuan (from 2007 to 2010), with average total profit of 1.328 billion yuan.
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operation. The domestic head will be based on the present Baosteel Resources Ltd. with its main focus on domestic market trade and domestic resources development. The oversea headquarters will be based on Baosteel Resources (International) Limited in Hong Kong with its main focus on international market trade and foreign resources development.
The company said that Baosteel Resources (International) Limited will also further expand the three major business areas of resources development, trade, and shipping and logistics management.
During his presentation at the opening ceremony, Dai Zhihao, Baosteel Group Corp. Vice President noted that the next few years would be a critical period for Baosteel Resources to enhance international management and implement the new development strategy.
"The official inauguration of Baosteel Resources (International) Limited in Hong Kong is a new starting point for Baosteel Resources to face the future and become globalized,” said Zhihao. “The difficult mission and the new career requires entrepreneurship, passion and dreams. We should constantly blaze new trails, boldly explore the international development path of resource industry and create a new development situation." Zhihao also expressed hope that the Baosteel resource industry could complete early the construction of a global steel raw materials security system and build the steel main industry supply chain advantage in collaboration with others.
Baosteel Group Chairman Xu Lejiang noted that the opening ceremony of Baosteel Resources (International) Limited reflects the company's response to the China's call for implementation of the "going out" strategy and was a landmark step in the international operation journey.
"This is also an important strategic business initiative of Baosteel to further increase the overseas resources development, strengthen the power of overseas sourcing, speed up raw material and fuel resource security system and promote international operations,” said Lejiang. “To locate resource industry overseas headquarter in Hong Kong is to make better use of regional advantages and rapidly respond to overseas markets and attract international talents."
Lejiang laso expressed hope that Baosteel Resources could begin at a new starting point, tap and make good use of both domestic and overseas markets and make breakthrough in overseas investment and capital operation. "Meanwhile, we should establish a more perfect system of overseas resource suppliers, form a centralized platform for logistics and shipping services, nurture and enhance the ability of the international shipping business operations and become a world-class supplier of mineral resources in near future."
The opening ceremony for Baosteel Resources (International) Limited was attended by Chinese Central Government Hongkong Liaison Office Deputy Director Miss Guo Li; Li &Fung Group Chairman and Baosteel Group Independent Director Fung Guojing: Chairman of Standard Chartered Bank (Big China area) and Baosteel Independent Director Miss Zeng Jingxuan; and Taiwan China Steel Co., Ltd. Deputy General Manager Du Jinling.
Others in attendance included Baosteel Group Chairman Xu Lejiang; President He Wenbo, Vice President Dai Zhihao; Zhou Zhuping; Zhao Zhouli; Baosteel Co., Ltd. Deputy General Manager Jiang Licheng; and Wang Jing.
Others present at the ceremony included representatives and guests from the Central Government Hong Kong Liaison Office, Hongkong Chinese Enterprise Association, Bank of China, HSBC, Standard Chartered Bank, Credit Suisse, Morgan Stanley, Goldman Sachs, Taiwan China Steel and other relevant governmental organizations, associations, institutions, banks and enterprises.
