Wuhan Iron and Steel Corporation
|This article needs additional citations for verification. (October 2016) (Learn how and when to remove this template message)|
|Wuhan Iron and Steel Corporation|
|subsidiary of State-owned enterprise|
|Industry||Iron and steel|
|Headquarters||Wuhan, Hubei, China|
|Liu Xiang (Chairman and Party Committee Secretary)|
|(CN¥ (2016) 1.758 billion)|
|Profit||(CN¥ (2016) 1.076 billion)|
|Total assets||CN¥176.567 billion (2016)|
|Total equity||CN¥27.070 billion (2016)|
|Owner||Baowu Steel Group (100%)|
|Parent||Baowu Steel Group|
|Footnotes / references
in consolidated financial statement
|Wuhan Iron and Steel (Group) Corporation|
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 tonns, was announced on 7 July 2016.
In 1997, a subsidiary, Wuhan Iron and Steel Co., Ltd. was incorporated to listed Qingshan steel plant in Shanghai Stock Exchange, 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, 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. Deng Qilin was sentenced to 15 years in prison in June 2017, and has to pay a fine of 5 million Yuan ($992,000) after he was found guilty of corruption, including for taking money in exchange for business favors and promotions.
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 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.
- "2016 Annual Report". WISCO (in Chinese). Shanghai Clearing House. 28 April 2017. Retrieved 30 April 2017.
- History of Wuhan Iron and Steel
- "武汉钢铁(集团)公司关于化解过剩产能实施脱困发展的公告" (PDF). Wuhan Iron and Steel Corporation. 7 July 2016. Retrieved 3 October 2016.
- "ThyssenKrupp to sell Tailored Blanks to WISCO". Reuters. 28 September 2012. Retrieved 29 September 2012.
- "Sale of ThyssenKrupp Tailored Blanks to Wuhan Iron and Steel Corporation (WISCO) completed". ThyssenKrupp. 31 July 2013. Retrieved 3 October 2016.
- "武钢减员五万人背后:他为何两度「逃离」?" (in Chinese). ifeng.com. 2016-03-14. Retrieved 2016-10-03.
- Needham, Kirsty (2017-06-02). "Former head of Chinese steel company with links to Australia jailed". The Sydney Morning Herald. Retrieved 2017-06-13.
- Dou, Eva (2017-06-01). "China’s Corruption War Escalates With Sweep of Sentences for Senior Officials". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-06-13.
- "China’s Top Steel Mills Step Closer to Creating Arcelor Rival". Bloomberg. 21 September 2016. Retrieved 3 October 2016.
- "China completes merger that creates nation's biggest steel company". Reuters. Retrieved 20 February 2017.
|This article about an industrial corporation or company is a stub. You can help Wikipedia by expanding it.|
|This Chinese corporation or company article is a stub. You can help Wikipedia by expanding it.|