On April 28, 2006, the framework agreement signing ceremony of merging Hengyang Nonferrous Metallurgical Plant between Sinosteel and Hunan Nonferrous Metal Industry Corporation was held in Changsha. Sinosteel president Huang Tianwen and GM of Hunan Nonferrous Metal Industry Corporation Gu Jingyu signed on the agreement on behalf of each party. Hunan governor assistant Guo Kailang, leaders from Hunan Development and Reform Commission and Hunan SASAC, Sinosteel vice president Wang Zhengwu, chief accountant Liu Andong and heads of relative functional departments and specialized companies attended the signing ceremony. As the requirement of improving the control, influence, driving force and competence of national economy, central enterprises’ merging local companies through various channels can effectively distribute state-owned assets in broader fields, which follows the spirit of 16th CCPCC.In recent years, Sinosteel has acquisited Jilin Carbon, Luoyang Refractories, Xi'an Metallurgical Machinery and Xingtai Mill Roll to improve the R & D, production & supply capability in carbon, refractory, ferroalloy and metallurgical equipment manufacture, which also raises the core competence of the corporation.
To prosper equipment manufacture is the important strategic strategy in “promoting industrial structure ” in our eleventh 5-year plan. Hengyang Nonferrous Metallurgical Plant was overseen by Ministry of Metallurgy, and it enjoys long historical relations with Sinosteel. With solid strength in scientific & technological R & D, equipment manufacture, product sale and equipment unit, it is the backbone in the specialized heavy machinery manufacture in China, contributing to metallurgical mine and nonferrous equipment industry.
Sinosteel merging Hengyang Nonferrous Metallurgical Plant to respond to the strategic arrangement of “Pomoting Central China’s Emergence” from the State Council and SASAC’s requirement of promoting the cooperation between central enterprises and Hunan, benefits not only the grow of Hengyang Nonferrous Metallurgical Plant but also the manufacture core business of Sinosteel and Hengyang local economic development even Hunan province local economic development. From now on, Sinosteel will fully exert its advantages in Sinosteel, market, capital, management and talent, further promote the structure adjustment and technical remould and improve the R & D, design and manufacture level of important technology, so as to build Hengyang Nonferrous Metallurgical Plant into an advanced metallurgical equipment R & D production base, realize leap development and contribute to our steel industrial equipment nationalization.
Sinosteel President Huang Tianwen and Hengyang Nonferrous Metallurgical Plant GM Gu Jingyu Signing on the Agreement on Behalf of Each Party
