Wuhan Iron and Steel Corporation (WISCO) is a Chinese state-owned enterprise. It started to operate in 1958 in
Qingshan,
Wuhan,
Hubei,
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 was administrated by
State-owned Assets Supervision and Administration Commission of the State Council (SASAC), but in 2016 it was merged with fellow SASAC supervised steel maker
Baosteel Group.
According to the
World Steel Association (Chinese companies data was provided by
China Iron and Steel Association), the corporation was ranked the 11th in 2015 the world ranking by production volume. However, after a heavy net loss in 2015, a plan to cut the production capacity in Qingshan plant, Wuhan, in
Echeng plant,
Ezhou as well as in
Xiangyang plant for a total of 4.42 million metric tonnes, was announced on 7 July 2016.
History
The steel plant in
Qingshan, was one of the of the
First Five-year plan of China.
In 1997, a subsidiary,
Wuhan Iron and Steel Co., Ltd.
Wuhan Iron and Steel Company Limited known as WISCO (and formerly WGGF, abb. of ), is a subsidiary of listed steel maker Baoshan Iron and Steel; Wuhan Iron and Steel Co., Ltd. was a subsidiary of state-owned Wuhan Iron and Steel Corporation until ...
was incorporated to listed Qingshan steel plant in
Shanghai Stock Exchange
The Shanghai Stock Exchange (SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock Exc ...
, while Wuhan Iron and Steel Group was transformed into a holding company, which acquired steel plants in
Ezhou, Hubei Province, and in
Liuzhou, Guangxi Province (sold back to SASAC of Guangxi Province in 2015) and build a new plant in
Fang-cheng-gang, Guangxi Province.
In September 2012 Wuhan Iron and Steel Corporation agreed to acquire the automotive components manufacturer Tailored Blanks from
ThyssenKrupp for an undisclosed price.
At the time of the agreement Tailored Blanks had annual sales of around 700 million euros and a global market share of about 40 percent in
automotive laser-welded blanks.
[
Its executive chairman, ]Deng Qilin
Deng Qilin (; born November 1951) is a former Chinese business executive. He served as the chief executive of Wuhan Iron and Steel Corporation (WISCO) from 2013 to 2015. Deng was investigated for corruption by the Central Commission for Discipli ...
, was investigated for corruption in 2015. New chairman, Ma Guoqiang, who replaced Deng Qilin in June 2015, had announced a plan to cut 50,000 staff from their current 80,000.
On 21–22 September 2016 the merger plan between Wuhan Iron and Steel Corporation and Baosteel Group was announced. The listed subsidiary, Wuhan Iron and Steel Company, would be taken over by the listed counterpart of Baosteel in an all-share deal, while the rights of unlisted Wuhan Iron and Steel Corporation would be transferred to Baosteel Group for free, as both were supervised by the same entity, the State-owned Assets Supervision and Administration Commission of the State Council. The merger of the two parent company was completed in November 2016
References
External links
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Steel companies of China
Baowu
Manufacturing companies established in 1958
Chinese brands
Government-owned companies of China
Manufacturing companies based in Wuhan
1958 establishments in China