英语翻译The Planning for Adjustment and Reviving of the Steel In

英语翻译
The Planning for Adjustment and Reviving of the Steel Industry
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The revitalization of automotive steel industry started to defend the real economy first battle
Premier Wen Jiabao on the 14th held under the auspices of the State Council executive meeting examined and approved in principle the automobile industry and the revitalization of the steel industry adjust planning.
The planning is not only clear the automobile and steel industries in the revitalization of goals, the revitalization of the requirements, but also put forward a series of policy measures, including market cultivation, industrial restructuring, policy support, such as structural adjustment.
This is the financial crisis, China's introduction of the financial crisis to deal with another major move can also be considered to be started in the first battle to defend the real economy.
Necessity for Reshuffling China's Steel Industry
China's steel industry is suffering great losses in the current economic cycle, owing to low industry concentration.
As the world's largest iron ore buyer, China's steel industry only enjoys an industrial concentration of 42.6 percent, with over 1000 large, small or midsize steel plants. The world's major iron ore suppliers are Companhia Vale do Rio Doce (CVRD), BHP Billiton and Rio Tinto, which dominate 70 percent of the global maritime trade volume. Under such imbalances, China's steel plants are greatly disadvantaged in annual international iron ore negotiations.
During the 2008 iron ore negotiations, China had to sign long-term agreements with BHP Billiton and Rio Tinto with iron prices up 85 percent since last year. Analysts estimated that China's steel industry paid 100 billion yuan more due to the price rise in the 440-million-ton imported iron ores of 2008.
In order to expand production capacity and gain a market edge, Chinese steel plants competed to hoard iron ore, purchasing 90 million tons of high-priced iron ore. Over the following iron ore price slump, the overstock cost them an accumulated losses of around 35 billion yuan.
In the second half of 2008 when the Chinese steel market began slipping, steel plants competed again through cut-throat stock disposals, creating an irrational price slump in the Chinese steel market and leading the whole industry to the current situation of net losses.
-- Favorable Conditions for China's Steel Industry Reshuffle
The current economic slowdown of China's steel market has brought great losses to Chinese steel plants, but is also a providing a good chance for the industry to step up industrial consolidation.
Analysts say the recession will make strong enterprises stronger while backward production capacities will become obsolete through market competition.
In addition, the stock prices of a number of listed steel enterprises have dropped below their net assets, which will stimulate large steel plants to conduct merger and acquisitions.
Meanwhile, the government is showing its determination and support in reshuffling the steel industry.
At the Central Economic Work Conference, "accelerating merger and acquisition among enterprises" was listed as a major economic task for 2009. And Minister of Industry and Information Technology Li Yizhong made it clear that the government will take measures to support the steel industry.
In early December, China Banking Regulatory Commission (CBRC), the country's top banking regulator, announced it would grant commercial banks the right to provide loans to domestic enterprises conducting M&A in an effort to meet the mounting demand for funds. Analysts say this policy will mainly benefit such industries as the steel, power, real estate and nonferrous metals. Under this policy, Shandong Iron & Steel Group has received a total credit line of over 110 billion yuan from three major Chinese banks, providing enough money for it to recapitalize Rizhao Steel Company.
-- Directions for China's Steel Industry Reshuffle
As related government officials said, China's steel industry reshuffle will focus on structural adjustment rather than scale expansion, with the aim to make the industry bigger and strongerAccording to analysts, the industry reshuffle will concentrate on assets and equity restructuring, unlike the previous loose coalition among steel plants; there will be more mergers and acquisitions among steel plants in different provinces and cities; market share and resource coverage will be the major assessment criteria for the acquisition targets.
The current economic cycle has pushed and also serves as a good chance for China's steel industry to step up its pace in the industry reshuffling. Both the government and the steel plants have showed their determination in this industry reform. However, it's still a long way for China's steel industry to go.
When global steel markets were booming most mergers were pushed forward by government efforts in restructuring the industry. Now that markets are gloomy it is small players that are taking the initiative in realigning.
"We have been looking for acquisition by a stronger rival since November 2008," a senior official with a privately owned steelmaker said in Caijing magazine.
Jiangsu Shagang said some small and medium-sized steel companies visited the company asking for acquisitions since steel prices dropped sharply in the second half of last year. The prices they offered were sometimes less than a year earlier.
The government expects the industry to become more competitive and is supporting the steel sector's restructuring. A stimulus plan published by the State Council, or the Chinese Cabinet, in January encourages realignment between businesses.
The government wants to foster several globally competitive large-scale steel groups with production capacity of 50 million tons a year each and the top five steel groups will likely account for 45 percent of the country's total capacity.
Major State-owned steelmakers, such as Baosteel, Angang Steel and Wuhan Iron and Steel Group, are expected to take the lead in consolidation this year.
Government institutions, including the Ministry of Industry and Information Technology, the National Development and Reform Commission and the Ministry of Finance, are working on measures to support the move.
Industry insiders warned steel companies are facing problems figuring out exactly how to consolidate different branches after acquisition.