Shougang to seek new opportunities in auto part sector
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At the China International Auto Parts Expo held in Shanghai on June 21-23, Zhu Jinmin, chairman of Beijing-based steelmaker Shougang Group, stated, "We will maintain the competitiveness of our Delphi Corporation in the fields of auto suspension systems and auto brake systems; meanwhile, we are seeking new opportunities in the auto part sector, which will be one of Shougang's main fields of activity in the future."
In March 2009, Beijing West Industry Co. (BWI), which is 51 percent owned by Shougang, purchased the auto suspension and brake business of Delphi Corporation. In the first quarter of 2010, BWI posted a sales revenue of $160 million and is expected to achieve a sales revenue of more than $600 million for the whole of 2010. Meanwhile, the company is planning to build a world-leading auto vibration damper plant in the Fangshan district, Beijing.