SteelOrbis Shanghai
In the wake of the 20 percent production cut announced by Hebei Iron & Steel Group, Shougang Group, Jinan Iron and Steel Group and Anyang Iron and Steel Group, leading Chinese steelmaker Baosteel Group has held its 2008 fourth quarter mobilization conference at which the main focus was on the issue of inventory reduction.
One senior Baosteel Group official pointed out at the conference that, due to the current complicated market situation, Baosteel's sales department will have to work in close coordination with the production departments in order to reduce inventory.
Meanwhile, Baosteel Group Chairman Xu Lejiang said that the rapid-growth era in the iron and steel industry has come to an end, and that the industry has now reached a turning point. With the overall capacity surplus and the imbalance between supply and demand, in the future competition in the industry will be more severe, and this is already being felt in the current period.