Sinosteel Corporation (S: 中国中钢集团公司, T: 中國中鋼集團公司, P: ''Zhōngguó Zhōnggāng Jítuán Gōngsī'') is a state-owned enterprise, primarily in mining, trading, equipment manufacturing and engineering. Founded in 1993 and based in the

People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

, it is the country's second largest

import An import is the receiving country in an export from the sending country. Importation and exportation are the defining financial transactions of international trade. In international trade, the importation and exportation of goods are limited ...

er of

iron ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the fo ...

. The company used to be under the direct supervision of the State-owned Assets Supervision and Administration Commission. In 2022, it was acquired by state-owned steel conglomerate

Baowu China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned ...

Organization

There are 86 subsidiaries under the administration of Sinosteel, among which 63 are in China and 23 abroad. Sinosteel is mainly engaged in mining and processing of minerals; related trading and logistics; construction, engineering, and technical service; and equipment manufacture. It operates in Algeria, Australia, South Africa, India, Singapore, Brazil, the European Union, Gabon, Cambodia, Indonesia, Vietnam, Turkey, Hong Kong, and Macao.

Mining and processing

The company has iron and chrome mines in Australia and South Africa.

Trading and logistics

Sinosteel possesses a global-running sales network and logistic service system. It is the raw material supplier and sales-agent for a number of Chinese

steel mill A steel mill or steelworks is an industrial plant for the manufacture of steel. It may be an integrated steel works carrying out all steps of steelmaking from smelting iron ore to rolled product, but may also be a plant where steel semi-finish ...

s, some of which Sinosteel has entered into long-term strategic partnership. The company offers ferrous metal minerals, non-metal minerals, and coke and

coal Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. Coal is formed when dea ...

;

feedstock A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedst ...

, such as

scrap Scrap consists of Recycling, recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap Waste valorization, has monetary ...

pig iron Pig iron, also known as crude iron, is an intermediate product of the iron industry in the production of steel which is obtained by smelting iron ore in a blast furnace. Pig iron has a high carbon content, typically 3.8–4.7%, along with silic ...

, and

heavy crude oil Heavy crude oil (or extra heavy crude oil) is highly-viscous oil that cannot easily flow from production wells under normal reservoir conditions. It is referred to as "heavy" because its density or specific gravity is higher than that of light cru ...

;

steel Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant ty ...

/finished steel products, including steel/semi-finished steel products, steel wire products, and steel grating; and ferro-alloys. It acts an agent for many Chinese and international equipment and technology suppliers, providing investment development, future brokerage, bidding services for Chinese steel mills, goods transportation, insurance, cargo agent, storage and port and wharf services.

Manufacturing

It also provides manufacturing equipment, such as mining, rotating and sintering, iron making, and steel making and refining equipment; submerged-arch furnace; and continuous casting, rolling, carbon mechanical and electrical, and refractory manufacturing equipment. In addition, the company offers refractories for steel making industry,

petrochemical industry The petrochemical industry is concerned with the production and trade of petrochemicals. A major part is constituted by the plastics (polymer) industry. It directly interfaces with the petroleum industry, especially the downstream sector. Compan ...

, non-ferrous industry, cement industry, and glass industry. Further, it provides carbon products, electro-magnetic material, and non-ferrous metals.

Engineering and technical services

The scientific and technological companies under Sinosteel operate in the areas of geological exploration, beneficiation, heat engineering, environmental protection, refractory materials, metal products and engineering design. Its engineering and construction arm is Sinosteel Equipment & Engineering Co. Ltd., which in 2012 had revenue of $1.09 billion, making it the 188th largest construction and engineering firm in the world. International revenue accounted for $271.3 million of the overall total.

History

The company was founded in 1993 as China Iron & Steel Trade & Industry Group Corporation and changed its name to Sinosteel Corporation in August 2004. Sinosteel Corporation is based in

Beijing, China } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

. Sinosteel in 2008 completed a

hostile takeover In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to ...

of Australian iron ore producer, Midwest Corporation, cornering 51% of the shares of the company in a A$1.36 billion acquisition. It was the first successful hostile takeover of an Australian public company by a Chinese company. In 2016, due to heavy debt of 60 million yuan owed to financial institutions, Sinosteel was greenlit for swapping 27 billion yuan of its debt for equity convertible bonds under a new government policy designed to curb run-away corporate debt in the economy. In 2022, Sinosteel was acquired and became a subsidiary of

, a fellow state-owned Chinese enterprise that is the world's biggest steel maker.

References

External links

Sinosteel Official Website
{{authority control Companies established in 1993 Government-owned companies of China Steel companies of China Companies based in Beijing Zhongguancun Rare earth companies 1993 establishments in China