SteelOrbis Shanghai
There are not to be any layoffs, pay cuts or job cuts at Baosteel Group. According to senior Baosteel officials, squeezed between high production costs and slumped steel prices, Baosteel should not only heighten risk awareness, but also build up confidence. The current market situation poses a challenge, maybe an opportunity, the Baosteel officials stressed, and so Baosteel must strive to achieve the best performance among its domestic rivals.
Meanwhile, the head of Hubei Province-based Wuhan Iron and Steel Corporation's (WISCO) human resources department stated that WISCO will not implement mass layoffs under any circumstances. As a large backbone enterprise, WISCO will have to fulfill its necessary responsibilities, politically, economically, and society-wise, the WISCO official stated; no matter what crisis it encounters, WISCO will not reject its employees.