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News Center Records Progressive Perceived Development Pulse

News Center Records Progressive Perceived Development Pulse

Xu Siwei, Chairman of Sinosteel Group: Sinosteel invests 3.5 billion in Africa, will increase investment and development efforts

The Beijing Summit of the China-Africa Cooperation Forum 2018 opened in Beijing on September 3. As one of the important events of this forum, the 6th China-Africa Entrepreneurs Conference was held in the morning of September 4th at the China Hotel. Wang Yilin, chairman of PetroChina Group, and Xu Siwei, chairman of Sinosteel Group, and other 4 Chinese entrepreneurs made keynote speeches.

Xu Siwei said at the meeting: "China Steel is one of the first state-owned enterprises to enter Africa. China Steel has invested 3.5 billion yuan in Africa in the past two decades, and has developed three large-scale chrome resources development and processing projects. The annual iron production capacity is nearly 1 million tons. "

Sinosteel is a large-scale steel mine central enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council. It is a large-scale multinational group focusing on mineral resources, engineering equipment, new materials for science and technology, trade logistics, and investment services. Sinosteel has two major listed platforms in the A-share market: Sinosteel International (000928) and Sinosteel Tianyuan (002057).

Xu Siwei said that since the 1980s, Sinosteel has continuously accelerated the process of internationalization through mineral resources trade, investment, and overseas project general contracting.It has successively established iron ore, chromium ore, etc. in South Africa, Zimbabwe and other places. Mineral Resources Base.

According to people in the steel industry, chrome ore is commonly known as "industrial MSG" and is one of the essential raw materials for the production of stainless steel and other special steels. South Africa has a wealth of mineral resources such as chromium ore, with resources of about 5.5 billion tons, accounting for about 83.3% of the global total chromium resources.

In 1996, Sinosteel Group established Sinosteel South Africa Chrome Industry Co., Ltd. (ASA) in South Africa, which was also the earliest Chinese company to invest in South Africa's chromium industry. In 2007, Sinosteel Group successively established Sinosteel Samanco Chromium (50% of Sinosteel) in South Africa and Samancor, and acquired the country's Zimasco company in Zimbabwe to establish Sinosteel. Zimbabwe Chrome Industry.

At present, the total ferrochrome production capacity of the three chromium companies invested by Sinosteel in Africa is nearly 1 million tons per year, and the profit in 2017 (the equity part of Sinosteel) exceeded RMB 400 million. According to estimates from Sinosteel, Sinosteel has invested in Africa for more than 20 years and has accumulated more than 23 million tons of chrome finished minerals.

Xu Siwei emphasized that Sinosteel has been in Africa for more than 20 years, and the cooperation with African enterprises has gradually developed from a simple import and export trade to a new model of "resources + trade" and "resources + industry". It is worth emphasizing that, while achieving economic benefits, Sinosteel has also made its own contribution to Africa's local economic development and technological industry upgrading.

"Over the years, our factories and engineering projects in Africa have directly and indirectly solved the employment of nearly 10,000 people, stimulated the development of a number of supporting industries and service industries, and contributed a lot of tax revenue to the local government." Xu Siwei said.

In recent years, Sinosteel Group has actively participated in the construction of the “Belt and Road” and international capacity cooperation, and has continued to vigorously promote the cooperative development of iron ore resources in Gabon, Cameroon and other central and western regions of Africa. Xu Siwei optimistically predicted: "With the implementation of the above projects in the future, I believe that it will definitely have a positive role in promoting local economic and social development."

It is worth noting that in 2014, many steel and mining companies, including Sinosteel, were hit by overcapacity and the cold winter of commodities, and their debt burden once fell into operational difficulties.

After the debt crisis was resolved, Sinosteel also started the "second venture" journey, focusing on the layout of the four main industries of mineral resources, engineering technology, new materials for science and technology, and equipment manufacturing. In 2017, Sinosteel Group realized revenue of 64.957 billion yuan, a year-on-year increase of 16%; profit exceeded 300 million yuan, a year-on-year increase of 42%.

It is reported that in the first half of this year, Sinosteel Group realized a total profit of 188 million yuan and a net cash inflow of operating activities of 640 million yuan. "The profit base of the main business has been continuously consolidated, the industry cultivation has been steadily advanced, the operating quality has been continuously improved, a number of economic indicators have reached the best level in the same period in recent years, and the Group continues to consolidate its good development momentum." Xu Siwei said.

Regarding Sinosteel's future development, Xu Siwei said: "Sinosteel, as one of the earliest 'going out' state-owned enterprises, has accumulated a lot of resources and experience in mineral resources and engineering technology. It is necessary to make full use of the international and domestic markets and accelerate the formation of international Economic cooperation and new competitive advantages, and strive to make Sinosteel's core business or products such as iron, chromium, fluorite, and rolls become the first domestically and internationally first-class. "

Regarding future business development and investment plans in Africa, Xu Siwei said that Africa has always been an important target market for Sinosteel's "industrial layout internationalization" and will further increase investment and development efforts in the future.

"First of all, Sinosteel will continue to increase the development of mineral resources and make new contributions to promote the steady development of China's steel industry and promote employment and economic development in the regions where the project is located. Second, it will further expand the EPC market and achieve win-win development. In addition, we must further increase the development of new technology and materials markets, and cooperate with African local governments and enterprises in strategic emerging industries and other related fields. "Xu Siwei said.

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