Shagang Group sets up international headquarters in Singapore

The largest Chinese private sector steelmaker, Jiangsu Province-based Shagang Group, has established headquarters for its international operations in Singapore to accelerate its internationalization process and explore the overseas markets, as reported by Chinese financial newspaper National Business Daily on January 11. According to Shagang president Gong Sheng, 20 percent of its annual finished steel output will be exported to the international market in the coming three to five years.
 
Shagang Group recorded a net loss of RMB 44.3943 million ($7.1 million) during the first nine months of 2012. In January-November last year, its finished steel output totaled 28.97 million mt, up by 1.74 percent compared with 28.48 million mt produced in the first 11 months of 2011.