Wang Yifang, chairman of Chinese steel giant Hebei Steel Group, has stated that the restructuring of the group has gradually shown its impact. While the group has enhanced its influence and powers of negotiation in the domestic steel market since its restructuring, the company has also improved its ability in terms of cost management, risk management and sustained development, Mr. Wang said.
Mr. Wang also attributed Hebei Steel Group's success in its restructuring to factors including the support of local government, the reorganization of leadership, changes in company culture and the group's persistence as regards elimination of out-of-date capacities.