SteelOrbis Shanghai
On September 21, Hebei Steel Group officially founded a new wholly-owned mining subsidiary called Hebei Iron and Steel Group Mining Co., Ltd, located in the central Chinese province of Tangshan. The new mining company directly owns ten mines, which were previously attached to Tangshan Steel Group and Handan Steel Group. The company's existing iron ore reserves amount to 1.037 billion mt, with further anticipated reserves of 4.626 billion mt.
Hebei Steel Group was formally established in June 2008, and has 10 subsidiaries including Tangshan Steel, Handan Steel, Chengde Steel, and Wuyang Steel. The company has total assets worth RMB 170 billion ($25 billion), an annual production capacity of over 31 million mt, and has 130,000 employees.
It is reported that Hebei Steel Group will further integrate the import and export segments of subsidiaries such as Tangshan Steel, Handan Steel, Chengde Steel and Wuyang Steel, through the establishment of an international trading company.