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China Baowu transformation state-owned capital investment company, strategic research II: analysis of China Baowu resource distribution

Time : 23/07/2022 Author : u0q52t Click : + -
        In June this year, the state owned assets supervision and Administration Commission of the State Council issued the notice on matters related to the reform of state-owned capital investment companies (Guo Zi Gai [2022] No. 245, hereinafter referred to as the notice), which made it clear that five enterprises including China Baowu were officially converted into state-owned capital investment companies. On the one hand, China Baowu officially became a state-owned capital investment company. On the other hand, it fully affirmed the achievements of "accurate functional positioning, outstanding capital operation capability, and remarkable results in layout and structural adjustment" achieved by China Baowu through continuously deepening the reform of state-owned enterprises since the 18th National Congress of the Communist Party of China, marking that China Baowu has basically completed the successful transformation from an industrial group to a state-owned capital investment company; On the other hand, it also puts forward new requirements for China Baowu to lead China's iron and steel industry to further promote the supply side structural reform, promote the internationalization process of China's iron and steel industry, solve the pain point of resource security, drive green and low-carbon development with innovation, stand up the backbone of China's iron and steel industry, and comprehensively lead the world's iron and steel to shoulder the new mission.
        Through the collation and analysis of public materials, the author expounds the development strategy and process of China Baowu transformation into a state-owned capital investment company from the perspectives of steel layout, resource layout, low-carbon layout and industrial chain layout, for Industry Research and discussion. For details, see world metal guide, No. 31, cover 1, a06-a09. The iron and steel industry is the "ballast stone" and "stabilizer" of China's economic development, an important support for building a modern country, and of great significance to national strategic security. Mineral resources, especially iron resources, are the key and important raw materials of the iron and steel industry. The guarantee of iron resources, mainly iron ore, is the primary issue affecting the safe and stable operation and healthy development of China's iron and steel industry.
        Since becoming a pilot enterprise of a state-owned capital investment company in 2017, China Baowu has focused on the development, trading and logistics of mineral resources required by the main industry of iron and steel, innovated business models, constantly strengthened the layout of resource industry, continued to increase the development of domestic iron ore, increased overseas equity iron ore, steadily developed scrap steel resources, made an overall arrangement of strategic mineral resources, and actively built a world-class comprehensive service platform for mineral resources in the whole supply chain, Strive to promote the realization of iron ore supply and price voice. Baowu Resources Co., Ltd. (hereinafter referred to as "Baowu resources") has made great efforts to build an international mineral resources industry trade and investment cooperation platform, realize the integrated development of resource development and trade, and gradually become a leading enterprise in the field of domestic mineral resources.
        Baowu resources was registered and established in November 2021. It is a mineral resources supply chain company, involving platform and trade, logistics, domestic mines and overseas mines, including mining enterprises such as Maanshan Iron and Steel Mining and WISCO resources. Among them, the domestic mining sector is mainly engaged in the production, processing and sales of iron concentrate, pellet ore, Metallurgical Flux ore and building materials products, and is committed to building a metallurgical mine industrial system integrating "exploration, design, construction and operation"; The overseas mining sector is mainly engaged in the investment and development of overseas high-quality mineral resources. By the end of September 2021, there were nearly 4 billion tons of resources in the mining certificate of domestic iron mines and 3 billion tons of exploration rights.
        European metallurgical chain metal renewable resources Co., Ltd. (hereinafter referred to as "European metallurgical chain metal") has established a network layout of central bases and satellite bases throughout the country, and is expected to reach 50 million tons of scrap resources in 2022, helping China's scrap industry to form an orderly pattern. European metallurgical chain metal was renamed from Maanshan Steel Scrap Co., Ltd. in February 2020. It is the industrial operation platform of China Baowu in the field of scrap resources. It integrates the scrap metal resources, automobile disassembly, ship disassembly, scrap steel recycling, processing, storage, distribution base and scrap steel international trade business of China Baowu's steel production base, and is oriented to the end and client of global metal recycling resources, Undertake the strategy of "network steel plant" of Baowu, China, and under the mode of "one headquarters and multiple bases", actively lay out and build metal renewable resources center base and satellite base.
        Tibet mining assets management Co., Ltd. (hereinafter referred to as "Tibet Mining") has the best lithium and chromium resources in China. It is a first-class subsidiary of China's Baowu resources and environment industry. In 2020, it was incorporated into China's Baowu management system through capital increase and restructuring. Tibet accounts for more than half of the country's ferrochrome reserves. The high-grade chromite that can be directly smelted into the furnace and used for chromite chemical industry in China is concentrated in Tibet. The chromite resource reserves of the listed companies of Tibet Mining Group are 2.01 million tons, and the output is in the forefront of the same industry in China. In 2021, the output of chromite (excluding high-carbon ferrochrome) is 140000 tons; The Zabuye Salt Lake in Tibet, which has the exclusive mining right, is the third largest lithium salt lake in the world and the largest lithium salt lake in Asia. It is a special comprehensive large-scale salt lake deposit rich in lithium, boron, potassium, solid and liquid.
        The strategic goal of Tibet mining industry is to build itself into an important industry in China's Baowu resources and environment, make full use of Baowu ecosystem resources, actively explore, and focus on lithium and chromium business with extreme specialization. The development of chromium and lithium resources in Tibet mining industry will help improve China's Baowu raw material supply system, form strategic synergy with the steel industry and new material industry, and help the company focus on its main business. At the same time, Sinosteel group, which is entrusted by China Baowu, controls 1.06 billion tons of overseas high-quality chromium resources and 2.6 million tons of ferrochromium production capacity, ranking first in the world in terms of resources and production capacity. Baowu raw material supply Co., Ltd. (hereinafter referred to as "Baowu raw material") takes advantage of the iron ore centralized procurement platform to vigorously promote the "six unification" of resource balance, negotiation and signing, financial services, logistics and distribution, mixed ore and spot trading of bulk raw materials, optimize and stabilize the industrial chain, and comprehensively improve the modernization level of the industrial chain supply chain.
        Baowu raw materials is mainly engaged in the import and export business of goods and technologies mainly based on large-scale raw fuels. Through the "six unifications" management, Baowu continues to improve its voice and market influence in the purchase of bulk raw materials, making it an important part of the large raw material system of China Baowu iron and steel ecosystem. At the same time, the platform and trade section of Baowu resources is mainly engaged in the trade and platform trading of iron and steel metallurgy main raw materials and auxiliary materials such as ore, coal and alloy; The logistics sector is mainly engaged in ocean, coastal and riverside transportation, port operation, shipping and freight forwarding and other full logistics services. By building a first-class intelligent logistics platform, we will build an integrated intelligent logistics system of "port, shipping and cargo".
        China Baowu has accurate functional positioning, outstanding capital operation capability, and remarkable results in layout and structural adjustment. Relevant work has been fully affirmed. It is a milestone event in its development history that China Baowu officially became a state-owned capital investment company, marking that China Baowu has entered a new development stage. China Baowu was officially transformed into a state-owned capital investment company. First, it further enhanced the brand value and helped the company achieve the goal of iron resource guarantee. China Baowu will continue to improve its investment and operation capability, service capability of combining industry and finance, market influence and competitiveness, accelerate the construction of an industrial ecosystem, and accelerate the realization of the enterprise's iron resource guarantee goal. Second, it further strengthened the responsibility of China Baowu industrial chain leader, and helped improve the iron resource support capacity of China's iron and steel industry.
        China Baowu will more actively promote capital operation, give full play to the role of leading enterprises in the industry, reshape the development pattern of the iron and steel industry, promote the implementation and refinement of the "cornerstone plan", and effectively improve the iron resource support capacity of China's iron and steel industry. Third, it has further enhanced the ability and confidence to create a world-class great enterprise, and helped the global steel and mining industry chain to be healthier and more sustainable. China Baowu will actively build a world-class capital operation system, speed up the overseas industrial layout, promote the return of the iron ore market to a price formation mechanism based on the principle of supply-demand relationship and promote win-win cooperation between upstream and downstream, and maintain the long-term stability and sustainable development of the global iron and steel mining industry chain and supply chain.
        From the perspective of opportunities, the Party Central Committee and the State Council attach great importance to the safety of mineral resources, focus on making good use of the domestic and international markets and resources, enhance the supply and guarantee capacity of China's important mineral resources, and establish China Mineral Resources Group Co., Ltd. In 2021, China Iron and Steel Industry Association proposed the "cornerstone plan" aimed at strengthening the protection of iron resources. China Baowu was officially transformed into a state-owned capital investment company. Closely following the positioning of the state-owned capital investment company, with the goal of serving the national strategy, optimizing the layout of state-owned capital and improving the competitiveness of the iron and steel industry, it will continue to strengthen forward-looking thinking, overall planning, strategic layout and overall promotion, and strengthen capital operation, which will further improve the safety guarantee ability of iron resources.
        From the perspective of challenges, during the "13th five year plan" period, China's foreign dependence on iron ore exceeded 80% for five consecutive years. The four major international mining companies control about 70% of the global supply. In 2021, China will import 1.124 billion tons of iron ore, 285 million tons of domestic refined iron powder, and about 230 million tons of scrap steel, contributing 61%, 16% and 20% respectively to the output of crude steel. The fundamental problems of high external dependence and weak bargaining power of China's iron ore have not changed. The issue of iron resource security is a major issue for the high-quality development of China's iron and steel industry. In 2021, China's Baowu crude steel output was 120 million tons, ranking the largest iron and Steel Group in the world. The output of iron refined powder was about 40 million tons, and the self-sufficiency rate of iron ore was only about 36%.
        As the world's largest purchaser of iron ore, China Baowu attaches great importance to the safety of the industrial chain and supply chain. The resource and environment industry is an important "one" in its "one base and five elements" business portfolio. By constantly strengthening the basic support capacity of domestic mineral resources, constantly strengthening the development of international iron ore resources, constantly improving the scrap steel recycling, processing and distribution system, and focusing on promoting the integration and integration of mineral resources industry, we will promote the realization of the strategic goal of iron resources. In terms of iron ore resources, during the 14th Five Year Plan period, China's Baowu planned total iron ore production capacity reached 140 million tons, including 70 million tons overseas and 70 million tons domestically. The self-sufficiency rate of iron ore has increased from 36% to more than 50%, making Baowu resources a world-class mining company; In terms of scrap resources, in the next few years, EUROLINK plans to build 20-30 large-scale regional scrap processing center bases, and set up 200-300 satellite bases in the form of joint venture and cooperative operation. The domestic market share will reach more than 20%, and the resource target of 100 million tons will be achieved in the "14th five year plan" period.
        Since China Baowu became a pilot enterprise of the state-owned capital investment company, it has focused on the development, trading and logistics of resources, focusing on the construction of mineral resources security guarantee capacity mainly based on iron resources, and actively built a world-class mineral resources pattern of the whole supply chain. After the steel industry group is officially transformed into a state-owned capital investment company, China Baowu will certainly have a significant impact on the development of China's steel industry. Suggestions on the future distribution of China's Baowu mineral resources are as follows:. First, further strengthen cooperation with domestic mineral resources industry enterprises. Focusing on the overall situation of the national resource strategy and the overall situation of the high-quality development of the industry, we should give play to the role of state-owned capital investment companies, take the lead in implementing the "cornerstone plan", cooperate with the central enterprise groups related to mineral resources, and jointly build a sustainable mineral resources guarantee system.
        Second, we will further strengthen basic work in the field of international mineral resources. Improve the international influence of the brand in the field of mineral resources, strengthen the brand strategy, improve the brand reputation, and help China Baowu international mineral resources development; We will strengthen the protection of basic data of mineral resources, do a solid job in basic research of overseas mineral resources projects, build an investment risk assessment system, and effectively support the decision-making of major mineral resources projects. Third, we will further strengthen international standardization in the field of mineral resources. Actively participate in international standardization activities in mineral resources related fields, strengthen standardization dialogue with relevant regions, deepen standardization cooperation, and give full play to the leading and supporting role of standards in building the global mineral resources industry chain supply chain.
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