SteelOrbis Shanghai
Chinese giant steelmaker Baosteel Group is about to implement a scheme to cut the wages of all its employees by 10 percent, in response to the slackening of the steel markets.
The scheme in question will first be implemented in relation to the top officials of the company. The annual salary of Xu Lejiang, the president of Baosteel Group and Baosteel Holding Corporation, will be reduced to RMB 1.18 million ($173,000), while other top officials will also face wage cuts of different margins, then followed by all other Baosteel employees.