By Zhang Yunxing
China.org.cn staff reporter
In order to deal with the global financial crisis, Xinjiang Bayi Iron & Steel Co LTD has adjusted its strategy to increase the production of engineering and construction steel and is now working at full capacity to meet market demand.
In the first quarter, Bayi Steel, the largest steel maker in Xinjiang Uygur Autonomous Region, produced 1.1 million tons of iron, 1.13 million tons of steel, and 1.06 million tons of rolled steel, and sold 992,100 tons of steel, of which 70 percent was purchased by Xinjiang companies.
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Bayi Steel works at full capacity to meet demand. [Zhang Yunxing/china.org.cn]
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"Bayi Steel has diversified its product range since 2007, shifting focus from construction steel. In 2008, the sheet steel output accounted for 33 percent of the company's total output," said Hapiz.Niyaz, deputy party secretary of the company's party committee.
At the same time, Bayi Steel is closely tracking Xinjiang's 300-billion-yuan investment plan to boost local demand and has signed agreements on supplying steel products to a renovation project in Kashgar City's old downtown, a greenhouse project in Turpan, and several oil and railway projects.
Baosteel Group acquired Bayi Iron and Steel Co Ltd in January, 2007 by investing three billion yuan in the corporation and becoming its controlling share holder. Bayi Steel is now the largest steel maker in Xinjiang. Its production capacity is expected to reach 10 million tons by 2012.
(China.org.cn May 7, 2009)
