September 08, 2008

Shougang to cut production during Olympics

Mr Zhu Jimin president of the Shougang Group revealed to China.org.cn on October 22nd 2007 that "Shougang will cut its production up to 70% during the Beijing Olympic Games. We will do our best to support the success of the Olympics."

Mr Zhu said "We have made great efforts to curb pollution for ten years. Shougang now takes the lead in the world on environmental protection. Shougang voluntarily decided to cut production during the Olympics to show the world that China is a country with responsibility and Beijing is a city that keeps promises."

He said "Our Company previously had an annual steel production of 8 million tons in Beijing. Starting from the next year, we will lose profits of more than CNY 2 billion annually. This is our biggest loss. But thanks to the relocation, we have a new steel company with great potential. We have the opportunity for development."

The first phase project of the new Shougang base will start production in October, 2008. In 2010, the most advanced steel company with production capability of tens of thousand tons will be completed.