China steelmakers need access to offshore markets, materials - industry official |
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Published
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Tue, 27 Mar 2007 06:39
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GUANGZHOU (XFN-ASIA) - China needs continued access to both global export markets and raw materials in order to maintain the viability of its steel sector, said Zhang Ruosheng, president of Guangzhou Iron and Steel Enterprises Group.'China's steel industry cannot survive without global markets,' Zhang told an industry conference in the southern city of Guangzhou.He also said the country's mills needed global-minded management as stable access to raw materials like iron ore was necessary to ensure continued growth.'Whoever can't be part of global markets is an ineffective steel company manager as China is 50 pct reliant on imports for its raw materials,' Zhang said.China exported 43.0 mln tons of steel products in 2006, up 109.6 pct while importsfell 28.3 pct to 18.5 mln tons.Zhang noted that Guangzhou Iron and Steel was one of the country's biggest exporters, selling 3.4 mln tons of steel overseas last year.The group's listed unit is Guangzhou Iron & Steel Co Ltd (SHA 600894).andrew.pasek@xinhuafinance.com
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