OREANDA-NEWS. November 29, 2011. Chairman Xu Lejiang, president He Wenbo and vice president Zhao Kun of Baosteel Group Corporation met the delegation led by member of the standing committee of CPC Qinghai Provincial Committee and vice governor of Qinghai Province Luo Yulin. Both parties exchanged views on relevant issues and reached common understanding, reported the press-centre of Baosteel.

In the meeting, Luo Yulin said that, during "12th 5-year planning" Qinghai vows to further strengthen the steel industry. He wished to strengthen the exchange and cooperation with Baosteel, make full use of Qinghai's advantages in resources, further accelerate the adjustment of industrial structure, transform the development mode, and realize complementation of advantages and comprehensive utilization of resources, so as to explore a new road that conforms to the rapid development of Qinghai's steel industry.

Xu Lejiang and He Wenbo commented that Chinese steel industry has entered "the era of meager profit", and the steelmakers are confronted with unprecedented competitive situation and pressure for survival. To survive and develop, Chinese steel industry must increase the degree of industrial concentration, energetically eliminate the obsolete facilities, promote M&A and consolidation, take the road of scientific development and sustainable development, which is the only way out. Baosteel is willing to strengthen the cooperation with Qinghai's steelmakers, strive to construct the upstream and downstream industrial chain, so as to realize the strategic cooperative relationship of mutual benefit, win-win and sharing of risks.