At the 8th International Capital Conference (ICC) held recently in Beijing, Chinese steel giant Hebei Iron and Steel Group (HBIS) announced the official launch of its BRESCO project, which will implement the strategic transformation of Swiss-based Duferco International Trade Holding, which was acquired by HBIS in 2015.
The BRESCO project will integrate the comprehensive advantages that HBIS and Duferco have in steelmaking, marketing, financial services and international operations, to build Duferco into a leading trader and producer in energy and commodities, with a particular focus on development and construction in the One Belt, One Road area. According to the plan, Duferco’s annual operating revenue will increase from $6.0 billion to $200.0 billion within 10 years.
The BRESCO project will have headquarters in both Beijing and Switzerland, with a high-level international board of directors including both Chinese and non-Chinese executives.