Wu Hangmin
Wu HangminImage Source: Baowu

Wu Hangming: Ushering Baowu's Quality Development


Chairman Wu Hangmin of Baowu delivers a New Year's message emphasizing progress and the pursuit of high-quality development. Reflecting on the challenges of 2023, the speech highlights Baowu's commitment to Xi Jinping's ideology, innovation, and the role of green technology in propelling the steel industry towards a world-class enterprise.


In his New Year's address, Chairman Wu Hangmin expressed gratitude and extended well-wishes while acknowledging the challenges faced by the steel industry in 2023. As China's economy transitioned to high-quality development, Baowu adapted to the sixth downward cycle in the steel sector. Despite these hurdles, Baowu embraced Xi Jinping's socialist ideology, emphasizing innovation, green practices, and efficiency to meet challenges and strive for world-class status.

With a focus on high-quality development, Baowu's strategic shift aims for strong, optimized state-owned capital and enterprises. Implementing an 'order-driven' business strategy, they emphasize progress through accounting operations and lean practices, securing top industry positions in main operational indicators. Additionally, they prioritize low-carbon metallurgy, leveraging technology for industrial chain enhancement and national strategy alignment.

Chairman Wu reiterated the importance of understanding trends, simplifying approaches, and holding firm to the original steel-serving mission. Baowu commits to becoming stronger, better, and larger, fortifying core functions and competitiveness while contributing to national strategies. Upholding a 'benchmarking' approach, they aim for excellence in all aspects, reinforcing strengths and addressing weaknesses.

The Central Economic Work Conference's emphasis on high-quality development guides Baowu's 2024 strategy. Baowu pledges to prioritize becoming stronger, focusing on core functions and competitiveness while enhancing overall capabilities. The aim is to build a new operating responsibility system, drive entrepreneurial spirit, and develop leading enterprises within Baowu's segments, all contributing to establishing Baowu as a world-class entity.


Chairman Wu's New Year address for Baowu underscores commitment to high-quality development. Baowu's strategy aligns with national economic goals, emphasizing innovation, efficiency, and a strong industrial chain. They vow to continue efforts towards excellence, contributing to national prosperity and Baowu's advancement in 2024.

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