Baoshan Iron & Steel : Baosteel held on-line achievements presentation meeting

On April 28, Baosteel held on-line achievements presentation meeting of 2016 and the first quarter of 2017. Secretary of the party committee and chairman of the board of Baosteel-Dai Zhihao, general manager and deputy secretary of party committee-Zou Jixin, chief financial officer and secretary of the board-Wu Yimin interpreted corporate business performance, analysed industry trend and displayed corporate strategy of Baosteel after absorbing and merging Wuhan Steel for masses of investors.

With settlement of merging of Baowu, curtain on deep integration within the company and excavation of synergistic effect has just been unveiled. On-line achievements presentation meeting which lasted for one and a half hours attracted masses of investors to participate actively. The communication mainly revolves around Baosteel business achievements analysis, strategic measures after absorbing and merging of Baowu, coordinated development of four bases, participation in 'One Belt And One Road' construction, market value management lifted company and market trend of steel industry, etc.

During the communication, management of Baosteel thanked all investors for their long-standing support and attention. They said, the significant improvement of Baosteel achievements stems from three factors, first is implementation of various reforming measures, such as overcapacity cutting and strict environmental protection, etc., and phased improvement of supply-demand relationship of steel industry; second, measures of the company for deepening reform around three main lines: cost reduction, organization simplifying and human resource efficiency improvement achieved the result more than expected; third, multiple optimization measures have been implemented in respect of market development, multi-base synergy, products structure optimization and improvement of customer protection capability, realized coordination of production and marketing and stable differential between purchase and sale prices. For the absorbing and merging of Baosteel with Wuhan Steel, the company has set up five special propulsion groups, including marketing, purchase, R&D, financing and informationization, also made a quick win, hundred days, one year and three-year coordinated propulsion plan. In respect of exploring management and control mode of four bases, four technical management propulsion committees have been set up to promote benchmarking potential tapping, core role of Baoshan Base will be played to promote common improvement in other bases.

Baosteel management expressed that steel industry will continue to conscientiously implement the Central supply-side structural reform in 2017, it is benefit for positive profit, but the direction of the market is still uncertain. Baosteel will unswervingly focus on improvement of competitiveness and market value management of the company, strive to create value, so as to give back to shareholders with better achievements.

Source:Baosteel News Centre