The hottest focus is on the construction of super

2022-10-23
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Focus: the merger and reorganization of Jianda iron and Steel Group is gradually heating up

focus: the merger and reorganization of Jianda iron and Steel Group is gradually heating up

China Construction machinery information

"the Ministry of industry and information technology recently issued the" steel industry adjustment policy (revised in 2015) (Exposure Draft) " Solicit opinions from the public. According to the exposure draft, the iron and steel industry will optimize the organizational structure and accelerate the pace of mergers and acquisitions. By 2025, the crude steel output of the top ten iron and steel enterprises (groups) will account for no less than 60% of the country, forming 3-5 super large iron and steel enterprise groups with strong competitiveness in the world

after a year of revision, the Ministry of industry and information technology recently solicited public comments on the "steel industry adjustment policy (revised in 2015) (Draft for comments)" for the period from March 20 to April 20. For a time, the topic of mergers and acquisitions in the steel industry heated up again

according to the exposure draft, the iron and steel industry will optimize the organizational structure and accelerate the pace of mergers and acquisitions. By 2025, the crude steel output of the top ten iron and steel enterprises (groups) will account for no less than 60% of the country, forming 3-5 super large iron and steel enterprise groups with strong competitiveness in the world

Xin Renzhou, deputy director of the industrial policy department of the Ministry of industry and information technology, said that the revision aims to promote the solution of new problems faced by the steel industry. Compared with the 2005 version, the exposure draft sets the access conditions for new (modified and expanded) steel projects in the form of negative lists in terms of layout and process equipment, and in the concept of bottom line thinking in terms of energy conservation, environmental protection, water conservation, land conservation and safety, so as to strengthen the guidance and supervision of the steel industry

coping with the new normal of iron and steel development

so far, the 2005 version of the iron and steel industry policy has been implemented for nearly a decade, but with the changes in the macro environment and the development of the industry itself, the "low price, low efficiency, low consumption, low growth and high pressure" faced by China's iron and steel industry has become the new normal of the industry. The new situation and new requirements put forward new topics for the development of the iron and steel industry

on the one hand, the national crude steel output reached 820 million tons in 2014, with a year-on-year increase of 0.9% and a year-on-year decrease of 6.6 percentage points; The apparent consumption of crude steel in China was 740 million tons, a year-on-year decrease of 4%; The steel output was 1.13 billion tons, with a year-on-year increase of 4.5%, and the growth rate decreased by 6.9 percentage points year-on-year. The rebound pressure of excess capacity is large. On the other hand, among the key large and medium-sized iron and steel enterprises, the top 20 enterprises achieved an overall profit of 28billion yuan, accounting for more than 92% of the total profits of the industry; There are 19 loss making enterprises, with a cumulative loss of 11.6 billion yuan, and the profitability of enterprises is seriously polarized

"at present, the development of the iron and steel industry has encountered many problems, such as serious overcapacity, weak resource guarantee, constraints on energy and environmental protection, insufficient independent innovation and weak comprehensive competitiveness, which urgently need to put forward solutions and solutions from the national strategy and industrial policy level." Xin Renzhou said

in order to implement the national market access standards on strengthening energy, land and water conservation, environment, technology and safety, establish and improve the long-term mechanism to prevent and resolve overcapacity, implement the requirements of the guiding opinions of the State Council on resolving the contradiction of serious overcapacity on revising and improving the steel and iron industry policy, promote the resolution of the contradiction of excess steel capacity, and promote the adjustment and upgrading of the steel industry, The Ministry of industry and information technology organized the revision of the steel industry development policy issued in 2005, forming the steel industry adjustment policy (revised in 2015) (Exposure Draft)

as soon as the exposure draft was released, the share price of the steel sector rose collectively. On March 20, WISCO shares closed at 4.34 yuan/share and Baosteel shares closed at 6.84 yuan/share. In the morning trading on March 24, Maanshan Iron and Steel Co., Ltd. and Shandong Iron and Steel Co., Ltd. once rose by the limit, WISCO co Co., Ltd. rose by 9%, and Baosteel Co., Ltd. and Hebei Iron and Steel Co., Ltd. rose by more than 7%

first mentioned "inventory management + bottom line thinking"

the author found that the 2005 version of the steel industry policy includes nine chapters and forty articles, and the new version of the exposure draft was further expanded to ten chapters and forty-five articles, covering policy objectives, environmental protection, resource protection, resource and energy conservation and other main contents

Xin Renzhou said that the revision of the iron and steel industry policy takes promoting the adjustment and upgrading of the industry structure as the main line, takes building a fair competition, unified and open market order as the goal, gives full play to the decisive role of the market in allocating resources and gives better play to the role of the government, and guides and regulates the iron and steel industry

among them, the concept of "inventory management + bottom line thinking" is a major feature of this steel industry policy revision, which will guide and regulate the development of the steel industry in the next 10 years

Xin Renzhou said that compared with the 2005 version, this exposure draft defines the market access standards for new (modified and expanded) steel projects, sets the access conditions for new (modified and expanded) steel projects in the form of a negative list in terms of layout and process equipment, and adopts the bottom line thinking concept in terms of energy conservation, environmental protection, water conservation, land conservation and safety, and strengthens the guidance and supervision of the steel industry. To this end, the Ministry of industry and information technology will improve the entry and exit standards of the steel market, actively transform and upgrade those who fail to meet the entry requirements, and gradually withdraw those who still fail to meet the transformation and upgrading requirements, so as to orderly reduce excess capacity

the integration of industrialization and industrialization is also the future development direction of iron and steel enterprises. The exposure draft clearly stipulates that steel enterprises should be actively guided to open up new service fields such as e-commerce, Internet finance, futures, logistics, etc., promote technological innovation, management innovation and business model innovation, maximize user value, and jointly create and share the value of the industrial chain

in addition, the exposure draft also made it clear to further innovate the service concept of steel enterprises, actively guide steel enterprises to establish a user-centered service system, and provide customers with a package of products, technical support and services through the early intervention mode

mergers and acquisitions are speeding up

the 2005 steel industry policy proposes to support and encourage qualified large enterprise groups to carry out cross regional joint restructuring, and to form two 30 million ton and several 10 million ton super large enterprise groups with international competitiveness by 2010. The draft for comments clearly encourages iron and steel enterprises to carry out substantive joint restructuring and supports the strong combination of advantageous iron and steel enterprises. By 2025, the crude steel output of the top ten iron and steel enterprises (groups) will account for no less than 60% of the country, forming 3-5 super large iron and steel enterprise groups with strong competitiveness in the world. From several tens of millions of tons to 3-5 Jinan experimental machine factories can help you design and test equipment for super large steel groups. The changes of these keywords are enough to show the determination and confidence of the national decision-making level in promoting the merger and reorganization of the steel industry

internationally, China accounts for half of the top 20 global steel production enterprises. Among them, the steel output of Hebei Iron and steel and Baosteel is more than 40million tons, and the steel output of Shagang, Angang, WISCO and Shougang is more than 30million tons. Although the scale of large-scale steel enterprises continues to grow, it is an indisputable fact that the industrial concentration of China's steel industry is not high. According to the 12th Five Year Plan for the development of the iron and steel industry, the proportion of steel output of the top 10 domestic iron and steel enterprises in the national total in 2015 increased from 48.6% to about 60%. But in fact, in recent years, the concentration of China's steel industry has not increased, but decreased. Last year, the concentration of the top ten enterprises in the steel industry has dropped to 37.5%. The difficulty of raising the industrial concentration from 37.5% to more than 60% can be imagined

however, after the release of the exposure draft, the rumors about the merger of Baosteel and WISCO were once heated, forcing the two "protagonists" to come forward and clarify. Although it is unlikely that Baosteel and WISCO will merge at present, the speculation about this kind of news is not groundless. According to the development experience of the international steel industry, mergers and acquisitions are the most effective way to enhance industrial concentration. The development history of the world steel industry is also a "bloody history" of mergers and acquisitions. It can be predicted that mergers and acquisitions will also lead the development of the steel industry in the next decade

as for the realistic path of establishing 3-5 super large steel enterprise groups, Lange steel analyst Zhang Lin believes that the formation of super large steel groups may be first realized in the steel enterprises in the province and region

"China may reorganize oneortwo large steel mills in the north and south respectively, and finally form a pattern of 3-5 super large steel groups." Zhang Lin said that if we want to finally realize substantive restructuring, it will involve a series of problems such as enterprise management after the merger, which can not be easily solved through a simple scale merger

establish a long-term mechanism to resolve excess

statistics show that China's crude steel output reached 823 million tons in 2014, accounting for 49.4% of the total global crude steel output, but the utilization rate of domestic steel production capacity is less than 70%, and the contradiction of steel overcapacity is still prominent. The long-term market pattern of supply exceeding demand has led to a sharp decline in steel prices and a polarization in the benefits of steel enterprises. In the past three years, the annual average sales settlement prices of key large and medium-sized iron and steel enterprises were 4468 yuan/ton, 3750 yuan/ton, 3442 yuan/ton and 3074 yuan/ton respectively

"in the future, the development of the steel industry must be reduced, rather than incremental development as in the past, and resolving overcapacity is the main contradiction and a difficult process." Li Xinchuang, President of the metallurgical industry planning and Research Institute, said that the current 80million tons of steel overcapacity must be resolved, otherwise the steel industry will be difficult to achieve better development. The fundamental way to resolve the contradiction of overcapacity is to establish a long-term mechanism to restore the industry to a reasonable level

the reasonable level mentioned by Li Xinchuang means not only the relative balance between consumption and supply, but also the reasonable level of industry profit rate, return on investment and capacity utilization. Relevant statistics show that last year, China's crude steel output reached 820 million tons, accounting for 49.4% of the world, an increase of 0.9 percentage points year-on-year. However, the utilization rate of domestic crude steel production capacity is less than 70%, and the steel production capacity is still seriously surplus

according to the exposure draft, by 2017, the contradiction of serious overcapacity in iron and steel will be effectively resolved, the capacity utilization rate will reach more than 80%, and the industry profit rate and return on assets will rise to a reasonable level. Therefore, the new steel industry policy defines the exit mechanism of existing steel enterprises. Strengthen the law enforcement of environmental protection and energy consumption, make more use of market laws and economic laws and policies, and force enterprises that exceed the pollutant emission standards and energy consumption quota standards to gradually withdraw; At the same time, in accordance with the requirements of the industrial guidance catalogue, we will continue to strengthen the elimination of backward production capacity, guide the gradual elimination of enterprises that cannot meet the access conditions or have an unreasonable layout, and implement a long-term mechanism to resolve the contradiction of overcapacity by coexistence and mutual promotion of various means such as law and regulation

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