From Nov. 25 to Nov. 29, Liu Andong, party secretary of Sinosteel Corporation and general manager of Sinosteel Corporation Limited, visited Sinosteel enterprises in South Africa for investigation, and also attended China-South Africa Enterprises Trade Matching Conference and Signing Ceremony. Gong Jingsheng, deputy general manager of Sinosteel Corporation Limited, accompanied and attended related activities.
On the morning of Nov. 26, Liu Andong and his accompanies debriefed the work report of Sinosteel South Africa Ltd. and had an informal discussion with staff to listen to their suggestions concerning corporation development. Liu Andong put forward requirements on future work for Sinosteel South Africa Ltd. based on the overall situation of current reform and development of the corporation. He pointed out that the current adjustments on debt structure of the corporation entered into a key stage and major achievements had been realized in business reorganization and adjustments of management transformation. As the bridgehead of Sinosteel in African business, Sinosteel South Africa Ltd. had to adapt to the requirements of group management and control structure and connect with mineral resources development strategy of the corporation actively. Meanwhile, business collaboration in South Africa shall be well accomplished with internal structure adjustment and optimization of human resource allocation in order to lay a solid foundation for realizing strategic positioning and functions of the corporation.
On the afternoon of Nov. 26 and Nov. 28, Liu Andong and his accompanies investigated Tubatse Chrome Ltd. and ASA. Liu Andong emphasized three suggestions in terms of the management and development of joint venture: firstly, chromium resources shall be controlled and managed unswervingly since it is one of the cores of Sinosteel business development plan; working harder to pass through capital market, using quality business to drive the reorganization and integration of mineral resources business of the corporation to realize maximization of asset value; secondly, in terms of the issues occurred during the operation of ASA, the first thing is to unify the understanding on asset value of ASA, that is, the core is chromium resources. The next step is to arrange corresponding production and operation activities adhering to the general principles of “minimum influence and loss” so as to protect operation capital, pull through and wait for opportunities. Thirdly, it is about the management and control of overseas joint venture. The functions of board of shareholders, board of directors and management level shall be well realized. Compress management chain further and try to make shift in shareholders. Professional directors appointed by the corporation shall attend the board of directors gradually and the production site shall be managed by professionals and local personnel.
In investigation, Gong Jingsheng required that companies in South Africa should carefully implement the spirits of Mr. Liu’s speech, carry out corporation strategies unconditionally and joint venture should well manage production and operation. Meanwhile, management and control should be strengthened and improved to ensure the control rights of joint venture and resources.
During investigation, Liu Andong attended China-South Africa Enterprises Trade Matching Conference and Signing Ceremony.
Informal discussion with staff from Sinosteel enterprises in South Africa
Attending China-South Africa Enterprises Trade Matching Conference and Signing Ceremony