For Chinese steel companies that have flocked overseas to purchase iron ore resources in recent years, there are even some steel companies that want to control 100% of the upstream resources. Xu Lejiang, chairman of Baosteel Group, is not optimistic.
Xu Lejiang told the "First Financial Daily" yesterday: "Some Chinese steel companies have even raised the goal of 100% control of upstream resources. I personally think that it may not meet the requirements of the industrial chain. Developing resources is not an advantage for iron and steel companies." At the same time, he said, “I agree with the iron and steel enterprises to make appropriate investment in the upstream sector, and mining companies can also moderately participate in iron and steel companies.â€
Affected by the sharp increase in price squeeze from international iron ore suppliers, Chinese iron and steel companies with low profitability began to “go global†in the past few years, investing heavily in upstream resource industries, hoping to get rid of the shackles of the three major international mining companies. .
“Over the past 10 years, global steel product prices have only increased by 2.3 times while iron ore prices have risen by at least 7 times. But last year, China’s steel industry profit margin was less than 3%. In the first quarter of this year, there were quite a few steel companies. Faced with losses." Xu Lejiang said.
He believes that the global iron ore supply situation is gradually coming to an end. The imbalance in the distribution of profit in the industrial chain is difficult to sustain. The risk of accumulating steel industry chain in the country for many years is about to be released. In the near future, the reversal of supply and demand may lead to iron ore prices. The plunge.
The reversal of the relationship between iron ore supply and demand is one of the reasons why Xu Lejiang does not agree with the 100% control of iron and steel enterprises' upstream resources. The more important reason is that he believes that the advantage of iron and steel enterprises lies in steel manufacturing, not the development of upstream resources.
In the past few years, Baosteel Group has invested in iron ore resources internationally, but the movement is not large. The focus of Baosteel Group is on the development of steel products. In order to increase research and development capabilities, Baosteel established Baosteel R&D Center in Australia earlier this month. This is the first joint R&D center set up by Baosteel overseas. Baosteel plans to cooperate with Australian universities to develop R&D around new materials, new energy, energy conservation and environmental protection. Baosteel will, depending on actual needs, provide research funding of 2 million to 5 million Australian dollars per year for the center's research projects.
Xu Lejiang told the "First Financial Daily" yesterday: "Some Chinese steel companies have even raised the goal of 100% control of upstream resources. I personally think that it may not meet the requirements of the industrial chain. Developing resources is not an advantage for iron and steel companies." At the same time, he said, “I agree with the iron and steel enterprises to make appropriate investment in the upstream sector, and mining companies can also moderately participate in iron and steel companies.â€
Affected by the sharp increase in price squeeze from international iron ore suppliers, Chinese iron and steel companies with low profitability began to “go global†in the past few years, investing heavily in upstream resource industries, hoping to get rid of the shackles of the three major international mining companies. .
“Over the past 10 years, global steel product prices have only increased by 2.3 times while iron ore prices have risen by at least 7 times. But last year, China’s steel industry profit margin was less than 3%. In the first quarter of this year, there were quite a few steel companies. Faced with losses." Xu Lejiang said.
He believes that the global iron ore supply situation is gradually coming to an end. The imbalance in the distribution of profit in the industrial chain is difficult to sustain. The risk of accumulating steel industry chain in the country for many years is about to be released. In the near future, the reversal of supply and demand may lead to iron ore prices. The plunge.
The reversal of the relationship between iron ore supply and demand is one of the reasons why Xu Lejiang does not agree with the 100% control of iron and steel enterprises' upstream resources. The more important reason is that he believes that the advantage of iron and steel enterprises lies in steel manufacturing, not the development of upstream resources.
In the past few years, Baosteel Group has invested in iron ore resources internationally, but the movement is not large. The focus of Baosteel Group is on the development of steel products. In order to increase research and development capabilities, Baosteel established Baosteel R&D Center in Australia earlier this month. This is the first joint R&D center set up by Baosteel overseas. Baosteel plans to cooperate with Australian universities to develop R&D around new materials, new energy, energy conservation and environmental protection. Baosteel will, depending on actual needs, provide research funding of 2 million to 5 million Australian dollars per year for the center's research projects.
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