OREANDA-NEWS. May 02, 2012. Guangzhou Thin Plate Co.,Ltd is established which is joint ventrue of Baosteel Group co.,ltd and Guangzhou Iron &Steel Group co., ltd. This is the first project after capitalization of Baosteel and Guanggang. This establishment is a milestone and suggest Baosteel take a substantial step on the capitalization, reported the press-centre of Baosteel.

The general secretary of Guangzhou Wan Qinliang, together with chairman of the board of Baosteel Group Co.,Ltd,Xu Lejiang unveiled plaque.

Committee member of Guangzhou government ,General secretary of Guangzhou Municipal Chen Guo, Chairman of the board of Guangzhou Iron&Steel Group, Secretary of the party committee, Zhang Ruosheng, Vice manager of Baosteel Group Co., Ltd Zhao Kun, Zhao Zhouli, General legal adviser of Baosteel Group, Chen Delin, chairman of the board of Shaoguan Iron & Steel, secretary of the party committee, Xu Ziquan and others attended the veiling ceremony. Vice general manager of Baosteel Group Co.,Ltd Zhou Zhuping took the chair.

In the august of last year, Baostell Group ,State capital committee of Guangzhou Municipal,Guangzhou Iron&Steel Group and Baosteel Zhanjiang Iron&Steel Co.,Ltd signed the document of ' Protocol of related issue of establishment of Guangzhou Iron&Steel Co.,Ltd ' Baosteel Zhanjiang Iron &Steel Co.,Ltd invested in cash ,Guangzhou Iron &Steel Group invested in 50% of holding shares of Guangzhou JFE Steel Plate CO.,Ltd, by that established Guangzhou Thin Plate Co.,Ltd and construct the second cold rolled line in Nansha Area. Till the 28th of March this year,both side substantial finished the transfer of cashs and shares and almost accomplish the establishment of Guangzhou thin plate co., Ltd.

Zhang Ruosheng express in the veiling ceremony, that the establishment of Guangzhou thin plate is the important part of recapitalization protocol of Baosteel Group and Guanggang Group issued in august,2011. The veiling mark the recapitalization of two company process into substantial phase. After the establishment of Guangzhou Thin Plate,baosteel will become the domestic share holder of Guangzhou JFE Steel plate company. We believe that will be beneficial to the overall strength and health development of Guangzhou JFE Steel plate company..Guangzhou Iron&Steel Group will practically perform holder responsibility,and coordinate with Baosteel Group promote the development and construction of Guangzhou Thin Plate company. We also believe,under the powerful support of each social circle and close cooperation of shareholder of both side, we will seize the precious opportunity and built Guangzhou Thin Plate into top-class cold rolled enterprise worldwide and become a shining pearl in steel &Iron industry.

Zhao Kun expressed in the veiling ceremony that the establishment of Guangzhou Thin Plate means a lot. It is a product of recapitalization between Baosteel and Guangzhou Iron &Steel Group. The emerge is accordance with the policy of steel and iron industry and industry adjustment and revitalization requirement of Iron and steel industry in Guangdong Province.it is beneficial to promote optimization of industry layout and construct adjustment and solve the conflict of supply and demand of iron and steel We can consider the establishment of Guangzhou Thin plate is a starting point ,and we will actively combine the source advantage of two company,and help the equipment of JEF Guangzhou reach the fully capacity and efficiency in a short time and achieve the profit and speed up the construction of the second Nansha Cold rolled production line and try our best to build Guangzhou Thin Plate into a technical advanced ,energy-saved ,highly-equipped,good-efficient enterprise which produce high quality steel plate within three years.

Wan Qinliang who represent Guangzhou Municipal express warm congratulation to the establishment of Guangzhou Thin Plate.He emphasized at this present,the national economy is in a key period for reforming and upgrading. Both part of Baosteel Group and Guangzhou Iron &Steel Group tightly seize the strategic opportunity of adjustment the layout of steel and iron industry,joint capital and establish Guangzhou Thin Plate company.

That will be a drive force to the market of thin plate in South China.Wan Qinliang also emphasized upgrading the industry project is a important aspect of speeding up the development of urbanization,the establishment of Guangzhou Thin Plate is accordance with objective requirement of upgrading the iron and steel industry, the inner requirement of industrial innovation among Guangzhou enterprises and strategic layout for Guangzhou to promote the urbanization development.

He hope the Guangzhou Thin Plate will exert the good tradition of Baosteel Group and Guangzhou Iron and Steel Group,actively innovate, manufacture good and perfect production, continuously level up the core competitiveness of company, make best effort to make a brand new name card of Guangzhou Industry and make new contribution for Guangzhou industry to transform and upgrade.