Baosteel Int'l confident in future
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02/01/2002
Accusations that Baosteel plans to make souvenirs out of the New York World Trade Center debris has put the company in the spotlight once again. However, Sun Menxiang, vice-president of Shanghai Baosteel International Economic & Trading Co Ltd (Baosteel International), has refuted such rumours, saying: "The scandal is absolutely ridiculous." According to Sun, each year Baosteel International imports millions of tons of raw material for production from every part of the world, it is foolish to associate steel scrap to be used as raw material with the September 11 debris. Most people know about the Baosteel Group, but have never heard of Baosteel International. As a new company launched last December, Baosteel International still needs time to build its corporate image. This young organization, under the umbrella of the Baosteel Group, has reasons to be confident in its potential for success. Baosteel International integrated former subsidiaries of the Baosteel Group, which were dedicated to international trade, to form a new enterprise. "We have established good trade relationships with major foreign iron ore suppliers in Australia and Brazil, with an annual import volume of 15 million tons of iron ore," Sun said. As a veteran businessman, Sun has led his team to forge close ties with thousands of companies in both the domestic and overseas trading business. Sun's humour and intelligence has turned many foreign opponents of Baosteel Group into the venture's most loyal business partners. "The majority of them have been suppliers since I was first in charge of purchasing equipment overseas during the early days of Baosteel," Sun explained. In the domestic market, Baosteel International has also formed steady coal supply channels with coal bases in Shandong and Shanxi provinces with an annual trade volume reaching over 10 million tons. Sun said this guarantees a stable supply of iron and steel, while expanding trade volume and developing resources related to ore and coal mining industries. He pointed out that these factors are important for increasing efficiency and lowering costs for Baosteel Group clients. Baosteel International's products have entered the markets of more than 30 countries and regions, including the US, South Korea, Britain, France, Germany and Australia. Baosteel's quality structural steel has been used in many well-known projects such as the Shanghai Pudong International Airport, the Turkey-Iran petroleum pipeline project and the Sudan petroleum pipeline project. Sun also told China Daily: "Because we have a large professional staff of first-class engineers, we also offer expertise through overseas engineering contracts, design consulting, labour export and other channels."
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