Bao was buyer for at least the 3rd- Qin Hai- and 4th -Ilia- ships
articles report China importing more ore than ever due to shutdown of some Chinese mines for cost, environmental and security reasons-
Bao only large Chinese steel producer without its own Chinese mines-
so targeting Brazil - but the large ships cant go thru Panama Canal -so Baja is only 1/3-1/2? the distance as Brazil-
and is State run so its not going to close and the wiki article I've posted before shows Bao spending 10 BILLION on new plant
from wiki- emphasis added:
Shanghai Baosteel Group Corporation, commonly referred to as Baosteel, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China.[3]
Baosteel is the second-largest steel producer in the world measured by crude steel output (after ArcelorMittal), with an annual output of around 30 million tons[4] (China's total steel production in 2012 was 716 million tons[5]). It employs 130,401 employees as of the end of 2012, has annual revenues of around $21.5 billion, and produces a mix of high-quality products.[6]
Baosteel's IPO on the Shanghai Stock Exchange in 2000 was the largest in China up to that time, raising CNY 7.7 billion despite being limited to domestic investors only.
History
Beginning in 1978, the Chinese government began to institute economic reforms. Plans called for a large integrated steel production facility to be located near the port of Shanghai. The Baoshan District, a suburb of Shanghai, was chosen as the site and Japanese assistance was enlisted in constructing one of the most modern steel plants of the time. As the government's flagship steel company, Baoshan Iron and Steel as it was originally called, benefitted from acquiring the best engineers and managers, access to cutting edge technology, and receiving hefty government contracts.
Baoshan Iron and Steel also benefitted from the breakneck pace of Chinese economic expansion which ravenously consumed all the steel available. However, with the continuing liberalization of the Chinese economy, Baoshan found itself in competition with new rivals, both foreign and domestic. The company decided to add an export trade marketing component to remain competitive; it scored notable success in South Korea. Although hurt by the Asian financial crisis, Baoshan pushed through with a merger of other money losing state owned enterprises, though it had managed to remain profitable itself. On November 17, 1998, the former Baoshan Iron and Steel (Group) Corporation absorbed the Shanghai Metallurgical Holding Group Corporation (上海冶金控股集团公司) and the Shanghai Meishan Group Co. (上海梅山集团公司) to form Shanghai Baosteel Group Corporation. The new conglomerate was the largest steel producer in the country with annual steel production of nearly 20 million tons.
Baosteel also found partnerships with former domestic rivals in the Shougang Group and Wuhan Iron and Steel Group Corporation, entering into an alliance in 2001. In the same year Baosteel signed an agreement with ThyssenKrupp of Germany.
The company has ambitious plans for expansion, currently constructing a state-of-the-art facility in Zhanjiang, Guangdong, at the cost of $10 billion; it is expected to come into production by the end of the decade. Baosteel also intends on launching an IPO, likely in Hong Kong, on top of its current listing on the Shanghai Stock Exchange.
articles report China importing more ore than ever due to shutdown of some Chinese mines for cost, environmental and security reasons-
Bao only large Chinese steel producer without its own Chinese mines-
so targeting Brazil - but the large ships cant go thru Panama Canal -so Baja is only 1/3-1/2? the distance as Brazil-
and is State run so its not going to close and the wiki article I've posted before shows Bao spending 10 BILLION on new plant
from wiki- emphasis added:
Shanghai Baosteel Group Corporation, commonly referred to as Baosteel, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China.[3]
Baosteel is the second-largest steel producer in the world measured by crude steel output (after ArcelorMittal), with an annual output of around 30 million tons[4] (China's total steel production in 2012 was 716 million tons[5]). It employs 130,401 employees as of the end of 2012, has annual revenues of around $21.5 billion, and produces a mix of high-quality products.[6]
Baosteel's IPO on the Shanghai Stock Exchange in 2000 was the largest in China up to that time, raising CNY 7.7 billion despite being limited to domestic investors only.
History
Beginning in 1978, the Chinese government began to institute economic reforms. Plans called for a large integrated steel production facility to be located near the port of Shanghai. The Baoshan District, a suburb of Shanghai, was chosen as the site and Japanese assistance was enlisted in constructing one of the most modern steel plants of the time. As the government's flagship steel company, Baoshan Iron and Steel as it was originally called, benefitted from acquiring the best engineers and managers, access to cutting edge technology, and receiving hefty government contracts.
Baoshan Iron and Steel also benefitted from the breakneck pace of Chinese economic expansion which ravenously consumed all the steel available. However, with the continuing liberalization of the Chinese economy, Baoshan found itself in competition with new rivals, both foreign and domestic. The company decided to add an export trade marketing component to remain competitive; it scored notable success in South Korea. Although hurt by the Asian financial crisis, Baoshan pushed through with a merger of other money losing state owned enterprises, though it had managed to remain profitable itself. On November 17, 1998, the former Baoshan Iron and Steel (Group) Corporation absorbed the Shanghai Metallurgical Holding Group Corporation (上海冶金控股集团公司) and the Shanghai Meishan Group Co. (上海梅山集团公司) to form Shanghai Baosteel Group Corporation. The new conglomerate was the largest steel producer in the country with annual steel production of nearly 20 million tons.
Baosteel also found partnerships with former domestic rivals in the Shougang Group and Wuhan Iron and Steel Group Corporation, entering into an alliance in 2001. In the same year Baosteel signed an agreement with ThyssenKrupp of Germany.
The company has ambitious plans for expansion, currently constructing a state-of-the-art facility in Zhanjiang, Guangdong, at the cost of $10 billion; it is expected to come into production by the end of the decade. Baosteel also intends on launching an IPO, likely in Hong Kong, on top of its current listing on the Shanghai Stock Exchange.
