Cooperation between WISGC and EISCO Give Outstanding Result

Resource from: cbcc-yinx Likes:3012

Jul 25,2005

Recently, Wuhan Iron & Steel Group Corperation Ercheng Branch announced their financial report of the first half 2005. Sales hit RMB3.371 billion yuan increased by 11.63%, operating margin reached RMB38.76 million yuan which was almost 430 times more than the same period last year. On 19 Jan, Wuhan Iron & Steel Group Corperation(WISGC) signed reorganization contract with Ercheng Iron & Steel Corperation(EISCO) under the assistance of the State Assets Supervision & Administration Commission. Then, WISGC carried out a series of measures to improve the operation and production of EISCO. As a result, internal structure of EISCO was optimized; operation was improved; various cost was decreased. Also the effect of reorganization was obvious: technical transformation was completed and put into mass production; production target was hit; output reached a new high; factory capacity increased from previously 2 million tons to nowaday's 3 million tons. The financial management introduced from WISGC, helped EISCO decreased their cost. During the first half year, cost of electricity, steel etc reduced to a favourable level, which saved the company about RMB30 million yuan. Currently, the steel market is recession, but EISCO developed spring steel, gear steel, bearing steel and other value-added steel products and adjusted their marketing strategy and product mix. All the new developed products have been put into mass production with no delay.

(cbcc-yinx)

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