Wang Yifang, general manager and chairman of major Chinese steelmaker Hebei Steel Group, has stated that the group intends to push forward with the reorganization of 12 private sector steel enterprises in Hebei Province, including Jingye Iron and Steel, Yanshan Iron and Steel, and Yongyang Iron and Steel.
Mr Wang added that, upon the completion of the reorganization work, Hebei Steel Group will have acquired a 10 percent stake in each of the 12 steel enterprises in question.
In 2010, the steel output of Hebei Steel Group was 44.78 million mt, while its operating revenue totaled RMB 227.1 billion ($34.6 billion). Its net profit for the year came to RMB 11.1 billion ($1.69 billion).
Mr Wang also stated that Hebei Steel Group is targeting an annual operating revenue of RMB 400 billion ($60.7 billion) by 2015.