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As the leading project of Caofeidian, the Shougang Group's 10 million-ton steel project was brought to the forefront.
This project was implemented by Shougang Jingtang Iron and Steel Co., Ltd. (hereinafter referred to as “Shougang Jingtang Companyâ€) jointly established by Shougang and Tangshan Iron and Steel Co., Ltd. (Tangshan Steel has now withdrawn its entire shareholding)
On May 27, the relevant person in charge of Shougang Jingtang Company stated that Shougang Jingtang Company is the leading project of Caofeidian's projects, and the investment amount can account for a quarter of the whole. "I really want the situation to improve. It may be no problem to make a profit of five or six billion a year."
However, such a huge project, although it has been put into production for three years, has suffered losses in successive years, and its high debts have affected subsequent development.
Losing more than 10 billion
"At present, the output of Jingtang Company has basically reached the design capability, but from the perspective of profit and loss, at least last year was still very poor." On May 27, an industry source close to Shougang Jingtang Company said.
In February 2005, the National Development and Reform Commission issued the “Development and Reform Industry [2005] No. 273 “Reply on the Implementation of Shougang's Implementation of Relocation, Structural Adjustment and Environmental Treatment Planâ€â€, approving Shougang's “Relocation of Shougang and the adjustment of the steel industry in Tangshan, in Caofeidian Building a steel joint enterprise with international advanced level."
As the carrier to undertake the relocation of Shougang Group, Shougang Jingtang Company was approved by the National Development and Reform Commission and completed and put into operation on the whole line on June 26, 2010 (the first phase project), which lasted for more than five years. According to the plan, the production scale of Jingtang Company (Phase I) will reach 9.89 million tons of iron, 9.000 million tons of steel and 9.05 million tons of steel; static investment of 66.806 billion yuan, annual sales income of 44.33 billion yuan, and profit after tax of 8.079 billion yuan. .
The relevant leaders of Tangshan City even believe that with Shougang's settlement in Caofeidian as a symbol, Caofeidian has entered a new stage of large-scale development and construction, and will become a powerful engine for constructing coastal economic uplift belts in Hebei and Tangshan.
However, such a huge project did not meet people's expectations.
"Now the profit and loss is not good." The relevant person in charge of Shougang Jingtang Company admitted that Jingtang Company did not lose money in March this year, but it was a continuous loss.
According to an interview with reporters, Shougang Jingtang Company has been in production since its inception, and its continued losses are well known in the industry. If calculated from the first blast furnace after its production, in 2009, 2010, 2011, Jingtang Iron and Steel had a net loss of 530 million yuan, 3.137 billion yuan, and 5.141 billion yuan respectively. “There were dozens of billions of losses last year,†said the industry source close to Shougang Jingtang Company. Based on this calculation, the company's losses during the period from 2009 to 2012 exceeded 10 billion yuan.
Stepping on the air
In the opinion of the above-mentioned responsible person, Jingtang Company is still very promising. “A first-class steel plant has been built, and now it is gradually exerting its advanced nature. It is quite smooth, such as development of varieties and production. Some technical indicators have reached international standards.â€
At present, in addition to the cold rolling project in Shunyi, Shougang has stopped production at the end of 2010, and the production capacity in Beijing has basically been transferred to Caofeidian.
According to the design, after the completion of Jingtang Company, the products are mainly concentrated in the field of high-end sheet metal. The hot-rolled strip, cold-rolled strip, hot-dip galvanized sheet, color-coated sheet and electrical steel are all used for automobile and shipbuilding. Hotspots such as pipelines and home appliances. “In the future, Shougang’s production base in Caofeidian, which accounts for more than 90% of the total output, will be these high-tech, high value-added 'double high products'.â€
However, the irony is that when the Jingtang company was put into production, it was poured cold water by the market.
On March 12, 2007, the Shougang Jingtang project officially started construction. At that time, the price of the plate was relatively good, but after three years, the situation of the domestic steel industry changed rapidly, and the profit of the plate market shrank step by step. The situation that Tang Company had to face.
In the eyes of the industry, the production of Jingtang Company can be said to be untimely. "When it is put into production, it just catches up with the oversupply of plates, and the price is always up."
"There are uncertainties in whether high-end equipment can produce high-end products, and whether high-end products can be sold." The above-mentioned industry people close to Jingtang said that there are very advanced equipments but the product grades are not going up. There will be problems with the price not being sold.
Qin Fenfen, a senior analyst at China Steel Network, even confessed to this reporter that although Jingtang Company used all high-grade imported iron ore, it produced two or three streams of products. “There is no special feature and limited sales channels, and it is not recognized by the market. There is no competition in the market, and the losses are getting bigger and bigger."
In fact, Jingtang Company, which is in the predicament of the industry, has not yet reached the design capacity, and mainly arranges production according to the user's orders. “Jingtang Company not only took over the capacity of Shougang Group in Beijing, but also exceeded it, but now Because the market is sluggish and the design capacity has not been reached, it is indeed a fact." The person in charge of the aforementioned company said.
High debt pressure
High debt is a big burden on Chinese steel companies.
According to previous estimates, as of the first quarter of this year, the current 30 major listed steel companies, the total current liabilities of about 759.476 billion yuan, this indicator increased by nearly 26.9 billion yuan over the same period last year. * The difference between the current assets and current liabilities of the three central enterprises including ST Angang, Baosteel and Wuhan Iron and Steel Co., Ltd. totaled 51.701 billion yuan.
Although it is impossible to know the specific current liabilities of Jingtang Company, the repayment pressure also makes this company a headache. “Without these (expenditure), our company is definitely making a lot of money,†he said.
“Jingtang’s product positioning is very high, and its equipment level and technical level are also very high, which will make the investment-induced borrowing high,†said the industry.
The plan shows that the static investment of Jingtang Company is 66.806 billion yuan. In the case of no increase in production, the debt pressure of Jingtang Company is highlighted.
According to the relevant person in charge of Jingtang Company, Jingtang Company has put into production strictly in accordance with the previously approved investment quota of the state, which is about 67 billion yuan, but only about 45 billion yuan of loans. "In three years, we are now paying interest. The bank contributed 92 billion."
In his view, the loan interest of the construction of Jingtang Company is relatively high. “The interest rate of the national development zone is halved, because Caofeidian is not a national-level project, and there is no halving. In addition, the annual salary of employees is also over 100 million. expenditure".
Abstract [Jingtang Company's production can be said to be untimely, "when it is put into production, it just catches up with the oversupply of plates, and the price is always up."] As the leading project of Caofeidian, the Shougang Group's 10 million-ton steel project was first introduced. Has received much attention. This project is a joint venture between Shougang and Tangshan Steel...
[Jingtang company put into production can be said to be untimely, "when it is put into production, it just catches up with the oversupply of plates, and the price is always up."]