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Sinosteel Corporation announced today (December 8) the official opening of its subsidiary, Sinosteel International Holding Co Ltd, in Hong Kong. The company views the new operation as an important initiative as part of its global business strategy.
The President of Sinosteel Corporation and the Chairman of Sinosteel International Holding, Mr Huang Tianwen, said, "We are committed to establishing a strategic international platform to raise the group's capability and competitiveness in the global marketplace. As the overseas assets management company directly under Sinosteel Corporation, Sinosteel International Holding will adopt Sinosteel Corporation's professional and international business strategy to compete and co-operate with global players."
Sinosteel Corporation is a large state-owned enterprise under the administration of the State-Owned Assets Supervision and Administration Commission. It is a large multinational enterprise with a clearly defined core business that integrates resources exploiting, trade forwarding, science and technology, and promotes comprehensive services for the steel industry and mill. It was the first state-owned enterprise to "go global". It has established iron ore and chrome ore resource bases in overseas markets, including Australia and South Africa, to secure mineral resources for the sustainable development of the China economy.
The new holding company in Hong Kong will play an important role in managing and co-ordinating the business operations and development of Sinosteel's overseas subsidiaries. These include Sinosteel International Ltd, Orient Joyce Investment Ltd, Golden Prosperity Development Ltd, Sinosteel International Macao Commercial Offshore Ltd, China Sinosteel (Singapore) Pte Ltd and Sinosteel International (Beijing) Consultant Ltd. Sinosteel International Holding will eventually be responsible for other Sinosteel businesses and assets overseas.
Sinosteel International Holding will support the internationalisation of the company's core businesses and key products. It will also be responsible for strengthening the group's overseas assets and business structures, exploring and developing resources and investment opportunities and finding trade opportunities with developing countries.
Mr Huang said, "We are confident that Sinosteel International Holding is well-positioned to enter the world market. From our excellent platform in Hong Kong, the international business centre of Asia, we will be able to expand our capabilities in finance, IT, management, commerce and logistics. We look forward to working closely with various business sectors in Hong Kong and in other markets to provide the best service to our customers."
The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr John Rutherford, congratulated Sinosteel on the opening of its new company in Hong Kong. He said, "We are delighted that Sinosteel has decided to use Hong Kong as its strategic base to consolidate and expand its global business. This is becoming an increasingly popular model used by Mainland enterprises. For companies operating in different industries in different markets, Hong Kong offers an excellent environment to manage regional or international networks. Our city provides what companies like Sinosteel need – a sophisticated financial system; a large pool of skilled professionals well-versed in international business, and an internationally recognised legal and accounting system.
"Hong Kong is playing an increasingly important role in helping Mainland enterprises expand overseas and Invest Hong Kong is developing a strong track record in assisting these companies through our Mainland and industry sector-focused teams. We wish Sinosteel every success, and look forward to working with the company as it continues to grow in Hong Kong," Mr Rutherford said.
Sinosteel International Holding is a subsidiary of Sinosteel Corporation, which has 54 subsidiaries based on the Mainland and overseas. By the end of 2004, the total assets of Sinosteel had reached 13.5 billion renminbi. For more information, please visit the website at www.sinosteel.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Thursday, December 8, 2005
Issued at HKT 17:20
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