Hunan Valin Iron and Steel Group Co., Ltd (hereinafter referred to as Valin Group) was established in 1997 through the merger of three large iron and steel groups in Hunan: Lianyuan Iron and Steel Group, Xiangtan Iron and Steel Group and Hengyang Iron and Steel Group. As a state-owned enterprise and authorized by State-owned Assets Supervision and Administration Commission, Valin Group possesses four wholly-owned subsidiaries and more than ten directly or indirectly owned subsidiaries.
Proceeding from actual conditions, Valin Group is developing with vigor and vitality and has constructed a stable operation system with capital and assets as linkages. The dual layered operation mode in the group is conducive to the scientific and efficient management of subsidiaries. The core business has been listed wholly, stably and gradually based on the capital market. The group has taken international development strategies, constructed strategic cooperation with Mittal Steel through the way of share transfer, and has strove to participate in the general circulations of global steel industry and global economy.
There are 57,000 employees in Valin with whom 12,000 are professionals and technicians of all specializations. Since its set up 7 years ago, Valin Group, concentrating on the target of "getting bigger and stronger", has carried out a series of deep reforms, innovative managements and strengthened capital operation for its optimum construction and industrial upgrades, thus the group can realize its sustainable, coordinating and leapfrog developments. The production capacity of the steel has increased from 2.5 million tons in 1997 to 9 million tons by the end of 2004, while the output of steel soared to 7.13 million tons from 2.36 million tons and ranked the 8th in China. Valin's sales revenue has increased from 5.5 billion yuan to 26 billion yuan, which makes it the first enterprise group with sales over 10 billion yuan. The three main economic indicators of Valin such as total assets, sales revenue and total pre-tax profits have enabled the enterprise one of the Top 100 in China for successive years.
Adhering to its development plan, Valin Group is going to continually take the capital operation as its impetus for the product construction of opening up, internationalization and mixture. The group will also promote all-round innovation of systems, mechanisms, managements, techniques and corporate culture, as well as all-round construction of digital Valin, potential Valin, financial Valin and centurial Valin. The group is dedicated to the development of recycling economy and the further improvements of technical and economic targets, which can accelerate the process of industrialization in the province and contribute China's transformation from a country with a large output of steel into a steel power country.
Chinese source: chinavalin.com
