Wuhan Iron and Steel Corporation (WISCO) is a Chinese state-owned enterprise. It started to operate in 1958 in Qingshan,

Wuhan Wuhan (, ; ; ) is the capital of Hubei, Hubei Province in the China, People's Republic of China. It is the largest city in Hubei and the most populous city in Central China, with a population of over eleven million, the List of cities in China ...

Hubei Hubei (; ; alternately Hupeh) is a landlocked province of the People's Republic of China, and is part of the Central China region. The name of the province means "north of the lake", referring to its position north of Dongting Lake. The prov ...

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 Xiangyang is a prefecture-level city in northwestern Hubei province, China and the second largest city in Hubei by population. It was known as Xiangfan from 1950 to 2010. The Han River runs through Xiangyang's centre and divides the city no ...

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 ThyssenKrupp AG (, ; stylized as thyssenkrupp) is a German industrial engineering and steel production multinational corporation, multinational Conglomerate (company), conglomerate. It is the result of the 1999 merger of Thyssen AG and Krupp and h ...

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 and the merger of the two listed subsidiaries was completed in February 2017. Ma Guoqiang, was also promoted back to the new parent company China Baowu Steel Group as chairman of the board of directors and the Secretary of the Party Committee. Ma's position in WISCO was replaced by Liu Xiang, the former Deputy

General Manager A general manager (GM) is an executive who has overall responsibility for managing both the revenue and cost elements of a company's income statement, known as profit & loss (P&L) responsibility. A general manager usually oversees most or all of ...

of WISCO. Liu was also appointed as the Deputy General Manager of China Baowu Steel Group, on top of his position as the highest-ranking officials of WISCO.

References

External links

* {{authority control 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