According to the "Nihon Keizai Shimbun" reported on the 5th, as the Chinese steel giants rise in the world's largest steel companies and their cost competitiveness increases, the competition between the Sino-Japanese steel giants in the global market will intensify.
The report quoted the British professional magazine "Metal Herald" recently released the 2008 ranking of the world's largest iron and steel companies, although ArcelorMittal and Nippon Steel still ranked first and second, but due to the restructuring of the Chinese steel industry China's largest steel company, Baosteel, jumped from fifth place last year to third place. At the same time, Japan's JFE Steel slipped from third place to fifth place. In addition to Baosteel, China's Hebei Iron and Steel Group, Wuhan Iron and Steel Group and Jiangsu Shagang Group have entered the world's top ten steel companies.
According to the report, although the Chinese steel industry is also affected by the global financial crisis, the Chinese government has invested heavily in stimulating domestic demand and has caused the demand for steel in the Chinese market to recover. However, Japanese steel companies have been sharply cutting production since last fall. Therefore, the status of Japanese companies in the 2009 world steel company rankings will continue to decline.
The report believes that Chinese steel companies with increased influence will aim for the most advanced technologies and will vigorously expand the world market, accelerate the pace of mergers and acquisitions with overseas steel companies, and will form pressure on the Japanese steel giants represented by Nippon Steel. In order to meet the challenges, Japanese companies may also be forced to implement further restructuring. The report said that the Japanese government is considering promoting the merger and reorganization of several major steel companies in Japan, promoting them to accelerate the development of new technologies and vigorously expanding overseas markets.
The report quoted the British professional magazine "Metal Herald" recently released the 2008 ranking of the world's largest iron and steel companies, although ArcelorMittal and Nippon Steel still ranked first and second, but due to the restructuring of the Chinese steel industry China's largest steel company, Baosteel, jumped from fifth place last year to third place. At the same time, Japan's JFE Steel slipped from third place to fifth place. In addition to Baosteel, China's Hebei Iron and Steel Group, Wuhan Iron and Steel Group and Jiangsu Shagang Group have entered the world's top ten steel companies.
According to the report, although the Chinese steel industry is also affected by the global financial crisis, the Chinese government has invested heavily in stimulating domestic demand and has caused the demand for steel in the Chinese market to recover. However, Japanese steel companies have been sharply cutting production since last fall. Therefore, the status of Japanese companies in the 2009 world steel company rankings will continue to decline.
The report believes that Chinese steel companies with increased influence will aim for the most advanced technologies and will vigorously expand the world market, accelerate the pace of mergers and acquisitions with overseas steel companies, and will form pressure on the Japanese steel giants represented by Nippon Steel. In order to meet the challenges, Japanese companies may also be forced to implement further restructuring. The report said that the Japanese government is considering promoting the merger and reorganization of several major steel companies in Japan, promoting them to accelerate the development of new technologies and vigorously expanding overseas markets.
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