Taiyuan Iron & Steel Leads Economic Transformation Of Coal

It reported that a leading stainless steel maker, Taiyuan Iron & Steel Group has said it exported over 1 million tonnes of stainless steel in 2017, up 20% YoY. The company has been part of efforts in China”s coal-rich Shanxi Province to push for economic transformation.

Mr Li Guorong an official with the provincial department of commerce said that Over 80 percent of Shanxi”s exports are stainless steel and cell phones.

The company said that it produced 4.13 million tonnes of stainless steel in 2017, with a total revenue of CNY 81 billion. It is the best result in 10 years.

Duplex stainless steel produced by the company has been used for the Three Gorges project, the Hong Kong-Zhuhai-Macao Bridge and nuclear power plants in China.

Mr Li said that “Promoting export is an important part of building a new economic system for Shanxi.”

With a quarter of China”s proven coal reserves, Shanxi has shut down coal mines to cut excess capacity and improve efficiency in the coal industry.