【機(jī)械類畢業(yè)論文中英文對照文獻(xiàn)翻譯】2008年中國鋼鐵行業(yè)發(fā)展研究分析【word英文1958字5頁word中文翻譯3262字5頁】
【機(jī)械類畢業(yè)論文中英文對照文獻(xiàn)翻譯】2008年中國鋼鐵行業(yè)發(fā)展研究分析【word英文1958字5頁word中文翻譯3262字5頁】,機(jī)械類畢業(yè)論文中英文對照文獻(xiàn)翻譯,word英文1958字5頁,word中文翻譯3262字5頁,機(jī)械類,畢業(yè)論文,中英文,對照,對比,比照,文獻(xiàn),翻譯,年中,鋼鐵行業(yè),發(fā)展,研究,鉆研,分析,word,英文
A Analysis and Research on Steel Industry of China 20081. The Status quo in China s steel industry As biggest producer and consumer of steel, China showcased its importance on world stage. China s steel industry has put both feet on the accelerator in revamping technology and investment in new projects as facing great demand from market over years. Part of equipments and product quality has reached world level followed fast growth in productivity which enhanced the reputation of China s steel industry internationally speaking. There has been a steady growth in China s steel producing capability. The fixed asset investment in 2005 has increased by 27%. At the same time, the products mix has been improved further with high-added value products appeared on the market. The output of longs steel within total number has been plummeting to 52% while steel sheet up to 39%. Scale of steel company has witnessed a growth. China s crude steel output has reached to 308,437,800 tons growing 18.45% in the third quarter of 2006 and steel output has reached to 339,034,900 tons up 23.66%. Increasing demand from international market between January and September has put momentum to export, which is the core factor behind growth in steel production. On the other hand, structure upgrading cross-the-board will failed under the trend of excessive productivity if high production is overlapped upon obsolete model of business. Though China s steel production has been increasing, the over-surging production and systematic problem in export and import have triggered skyrocketing inventory of steel billet and steel with sliding price while the price of magnetite iron ore and dust stood stubbornly still which keeps production cost growing to 15% in 2005. The profitability has been lowering. In 2006, the change has shown in returning price of steel and production cost kept high. There is low density in China s steel industry and low quality in products. From 2005, industry tends to be centralized with 10 million tons of annual output and production companies being 8 from 2 in 2004. There were 18 companies with steel production above 500 tons sharing 46.36% in crude steel market. On world stage, number of big steel producers such as America , Japan , Korea and Russia have shared 60 to 80% of their own markets. In that sense, the density within China s steel industry needs to gear up as to bring competition into order. We found that there supposed to be a trend of density with host of big steel companies emerged. Therefore, the scale of M&A in years to come will be larger. On the other hand, the innovation in China s steel industry has been sharpened. Take Baosteel for instance, proprietary research of high-grade auto steel sheet has left a strong record with 193 types in this product. It will help drive up nationalization of steel sheet in China s automobile industry. Ansteel has successfully developed a major broadband line for Cold-rolled steel in 1780mm which embodies current level of equipment production and skills. In addition, the tremendous contribution has been made to put brand new products and deal with environmental protection. As China s steel industry forging on, it will run along the frontier in this sector. 2. M&A motives in China s steel industry The guideline named the Policy of Development in Steel Industry for China s steel industry was passed in State Council on April 20, 2005. It aims at boosting competitiveness cross-the-board and delivering physically sound way of development in this sector. Technology upgrading and transformation into new business model as Guideline set out will be top the priority which casts the light on this industry and makes M&A frequent. M&A in steel industry has been going on left an amazing trail of successful cases in this sector two year from now. Case study in steel industry Time Parties involved in M&A Case in brief Sep. 2004 Dalian Jinniu Co., Ltd., Beiman Special Steel Co., Ltd., Fushun Special Steel Co., Ltd. Dongbei Special Steel Group Co., Ltd was reorganized by the asset of former Liaoning Special Steel Group and well performed asset of Heilongjiang North Man Special Steel Group. Registered capital was RMB 3,644,171.5 with 6 wholly owned subsidiaries, 11 holding subsidiaries and one share-holding subsidiaries including two listed companies of Fushun Special Steel Co., Ltd. and Dalian Jinniu Co., Ltd. China Orient Asset Management Corporation (COAMC), China Huarong Asset Management Corp., and China CINDA Asset Management Corp. have share of 16.67%, 15.31% and 3.02%. May, 2005 Shougang Group took share of Shuigang Group Shuigang Group is an important state-owned steel company in Southwest region with registered capital of RMB 1.98 billion. It enjoyed comprehensive protuction capability of annual output in 1.3 million tons of iron, 1.3 million tons of steel and 1.2 million of rolled steel. Guizhou State-Owned Asset Commission took hold of 40.66% of stock worth of RMB 805,000,000. According to Agreement, its RMB 684,300,000 sharing 34.56% of total stock of Shuigang Group will be given away to Shougang Group, which made Shougang Group the first share-holder. Guizhou State-Owned Asset Commission took 6.1% of stock while others shared by China Cinda Asset Management Corp., China Huarong Asset Management Corp., and China Great Wall Asset Management Corp. Aug. 2005 Anshan Iron and Steel Group Corporation integrated with Benxi Iron & Steel (Group) Limited As the two biggest steel companies in Northeast China, Anshan Iron and Steel Group and Benxi Iron & Steel (Group) Limited have co-found Anben Steel Group which was announced in the ceremony in Shenyang. The birth of Anben Steel Group was a big event in the history of China s steel industry development and a benchmark in rejuvenation of old industrial bases in Northeast. The marriage between the two indicates the China s steel industry heralds in break-the-point stage and sustainable way of development. Oct. 2005 Mittal Steel Co., MT took over HUNAN HUALING Steel Tubeand Wire Co.,LTD Mittal Steel Co., MT , as the biggest steel producer has hold 36.67% of stock of HUNAN HUALING Steel Tubeand Wire Co.,LTD with USD 0.338 billion. This was the first case for foreign company taking over a China s listed company and largest transaction in A Stock. Nov. 2005 Saint Gobain wholly acquired Xuzhou Steel&Iron General Factory Saint Gobain was ranked on 106 among Fortune 500 with 32 billion of annual sales. Saint-Gobain ( Xuzhou ) Pipelines Co., Ltd was taken shapre after the acquisition over Xuzhou Steel&Iron General Factory. USD 96 million was put in with registered capital of USD 59 million. It focused on production and sales on iron Pipeline and other related products along with iron, dust and their cut-offs while manufactured and installed industrial Furnaces and equipment. Nov.2005 CITIC Pacific Limited purchased Shijiazhuang Iron & Steel Co., Ltd CITIC Pacific Limited took hold of 80% of stock of Shijiazhuang Iron & Steel Co., Ltd with RMB 1.28 billion and its newly registered capital numbered RMB 196,400,000. After the deal, CITIC Pacific Limited expanded its registered capital holding over Shijiazhuang Iron & Steel Co., Ltd up to 65%. Based on the status quo of steel market and supply in up-stream and down-stream companies. We ha ve identified number of reasons of M&A in Chinas steel industry. A. The density of this market. The overall competitiveness has been weak due to mind-boggling number of companies in this sector and lack of scale. Take Hebei for instance, annual output has been 50 million tons. However, more than thousands of firm clustered there. With the same story appeared Liaoning . As of the end of September 2005, there were 6383 companies in this sector in which majority of companies merely have annual output less than 500,000 tons. 28.34% of companies were in dire strait losing money at RMB 7.2 billion in which 73% of steel companies in Guizhou Province were in bankruptcy with loss of RMB 548,000,000 while 62.91% of steel companies in Yunnan Province were in bankruptcy with loss of RMB 0.31 billion. Scale economy is paramount to survivability of steel companies since cost in this sector has been up. Integration in this sector has steeped into an accelerated phase. The number of local medium and small companies in losing will be knocked out into oblivion and high density will emerge. B. The requirement of technological revamping over backward firms. As List of Industrial Reconstruction lay out by the State Council, Small furnaces, electric rangette and small arc oxygen furnace will be put into obsolete while to rule the market under fair competition with administrative policy. Through upgrading of industrial structure, productivity and market share will be geared up. The rosy picture can be seen in guaranteed product mix, technique in equipment making and replacement of old product and equipment with new ones. This should be viewed as core competitiveness for China s steel industry. C. outside reason for M&A in China s steel industry. Continuous flow of foreign capital made M&A in domestic steel industry even harder. We found it is taking market share rather than seeking short term interest for foreign counterpart invaded in. in addition, China s steel output shares 30% in the world and 40% in sales which makes it a promising market around the world. The golden opportunity is provided to international steel gurus in that profitability of metric tons of steel in domestic companies is mere 30% to foreign one for low density of production while accessibility of single company nationwide is limited for chasm among regional markets. M&A of domestic companies to boost production will be the only way out in facing with challenge from foreign rivalries and immunize national pillar industry from foreign control. 3. M&A trend analysis of China s steel industry Steel companies have put focused attention on M&A in 2005. M&A has swept through Tanggang Group, Wuhan Iron & Steel (Group) Corp. and Panzhihua Iron & Steel (Group) Corp. This has made company scale expanded and stir up inner metamorphoses to boost competitiveness. China s steel companies have stepped in high M&A period with adversaries getting fiercer. According to data the M&A shows number of characters. A. more M&A in steel companies influential in regional area and the extent which ferocious competition will be cooling down. Regional M&A can be classified into several categories identified: Anben Steel Group purchased steel companies in Northeast region; Shougang Group and Tanggang Group in Northern region; Baosteel Group consolidated Ma Steel and Hangzhou Iron & Steel Group Company in Eastern and Southern China; Wuhan Iron Steel ( Group ) Corp. took over its counterparts in nearby Provinces and cities in Central and Southern region; Panzhihua Iron & Steel (Group) Corp. as major player in Southwest region; Xinjiang Bayi Iron & steel Co., Ltd., Jiugang Iron & steel Group and Baogang Group. in Northwest region. B. vertical M&A intensified. Cost has been taken into consideration in investment from localities. Vertical M&A over raw material suppliers such as mining firms and machinery firms will show up as to put cap on material cost. This move will control cost of raw material and ward off short supply of material. C. M&A by Chinas steel companies over foreign ones is expected to gear up with fast step in globalization and strong capacity within steel company. This type of M&A features taking over mining companies and medium size of steel companies for the consideration of resources allocation. In 1992, Shougang Group purchased SiderPeru with USD 0.12 billion as first case for M&A committed by China s company. Baosteel Group had cooperated with CVRD as moving out of the nation for acquisition. With increasing capability, Baogang Group will play more roles in M&A overseas. Wuhan Iron Steel ( Group ) Corp. will take time on M&A abroad.
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