高炉无料钟炉顶上密封阀 毕业设计(带cad图和文档）
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2008年中国钢铁行业发展研究分析1 。 The Status quo in China s steel industry中国的钢铁工业的现状概括As biggest producer and consumer of steel, China showcased its importance on world stage.作为最大的钢铁生产国和消费国，中国展示了她在世界舞台上的重要性。 多年来，China s steel industry has put both feet on the accelerator in revamping technology and investment in new projects as facing great demand from market over years.中国的钢铁行业双边的加速器改造技术和投资的新项目已经拥有了巨大的需求市场。 Part of equipments and product quality has reached world level followed fast growth in productivity which enhanced the reputation of China s steel industry internationally speaking.部分设备和产品质量已达到世界水平，快速增长的劳动生产率的提高了她的声誉，使得中国钢铁工业在国际上有了发言权。 中国的钢铁生产能力，There has been a steady growth in China s steel producing capability.一直在稳步增长。 The fixed asset investment in 2005 has increased by 27%.固定资产投资在2005年增加了27 。 At the same time, the products mix has been improved further with high-added value products appeared on the market.与此同时，产品结构进一步改善使高附加值产品出现在市场上。 The output of longs steel within total number has been plummeting to 52% while steel sheet up to 39%.输出的多头钢总数内已下降至52 ，而钢板高达39 。 大Scale of steel company has witnessed a growth.规模的钢铁公司出现了增长。 China s crude steel output has reached to 308,437,800 tons growing 18.45% in the third quarter of 2006 and steel output has reached to 339,034,900 tons up 23.66%.中国的粗钢产量已达三万零八百四十三点七八万吨增长18.45 ，在2006年第三季度和钢产量已达到三万三千九百零三点四九零万吨，同比上升了23.66 。 1月至9月份，来自国际市场的的需求Increasing demand from international market between January and September has put momentum to export, which is the core factor behind growth in steel production.日益增的加出口势头，这是钢产量的增长的核心因素。 On the other hand, structure upgrading cross-the-board will failed under the trend of excessive productivity if high production is overlapped upon obsolete model of business.另一方面，结构升级将使根据过时的重叠模型的业务而过度生产率高的生产将走向失败趋势。2005年，Though China s steel production has been increasing, the over-surging production and systematic problem in export and import have triggered skyrocketing inventory of steel billet and steel with sliding price while the price of magnetite iron ore and dust stood stubbornly still which keeps production cost growing to 15% in 2005.虽然中国的钢产量一直在增加，但是过度上涨的生产和系统的问题，引发暴涨库存钢坯和钢材价格的下滑，然而磁铁矿铁矿石和灰尘的价格仍然顽保持不变，这使生产成本增长15 ，造成企业 The profitability has been lowering.的盈利能力降低。 In 2006, the change has shown in returning price of steel and production cost kept high. 2006年的变化已经表明，回收的钢材价格和生产成本还一直很高。 There is low density in China s steel industry and low quality in products.在中国的钢铁业和低质量的产品都是低密度存在的。 From 2005, industry tends to be centralized with 10 million tons of annual output and production companies being 8 from 2 in 2004.从2005年开始，很多行业往往是集中了10万吨的年产量，在2004年生产企业的数目正在以2到8个百分点增加。 There were 18 companies with steel production above 500 tons sharing 46.36% in crude steel market.有18家公司的钢产量超过500吨分享46.36 的粗钢市场。 On world stage, number of big steel producers such as America , Japan , Korea and Russia have shared 60 to 80% of their own markets.在世界舞台上，一些大钢铁生产商，如美国，日本，韩国和俄罗斯有共同的60至80 的本国市场。 In that sense, the density within China s steel industry needs to gear up as to bring competition into order.从这个意义上讲，增加密度是中国的钢铁行业的需要作好准备的工作，以维持竞争的秩序正常。 We found that there supposed to be a trend of density with host of big steel companies emerged.我们发现，东道国的大钢铁公司出现了的这种趋势，Therefore, the scale of M&A in years to come will be larger.因此，大规模的并购在未来几年将会出现的更大。 On the other hand, the innovation in China s steel industry has been sharpened.另一方面，中国的钢铁行业已经开始激化创新。 Take Baosteel for instance, proprietary research of high-grade auto steel sheet has left a strong record with 193 types in this product.以宝钢为例，专有研究高档汽车钢板的193种产品，留下了一个强大的记录。 It will help drive up nationalization of steel sheet in China s automobile industry.这将有助于推动国有化钢板在中国的汽车产业的普及使用。在1780， Ansteel has successfully developed a major broadband line for Cold-rolled steel in 1780mm which embodies current level of equipment production and skills.鞍钢成功地开发了一种重要的宽带线冷轧钢板，体现了设备的生产水平和生产技能。 In addition, the tremendous contribution has been made to put brand new products and deal with environmental protection.此外，在全新的产品和处理保护环境的问题上也取得很大的成绩。As China s steel industry forging on, it will run along the frontier in this sector.作为中国的钢铁业先驱，它将继续在这一领域前沿领跑。 2. 2 。 M&A motives in China s steel indus在中国的钢铁工业并购动机2005年4月20日，国务院通过了关于发展对中国钢铁行业The guideline named the Policy of Development in Steel Industry for China s steel industry was passed in State Council on April 20, 2005.的方针政策。 It aims at boosting competitiveness cross-the-board and delivering physically sound way of development in this sector.它的目的是提高企业的自身竞争力，并在这一部门提供健全的发展道路。 Technology upgrading and transformation into new business model as Guideline set out will be top the priority which casts the light on this industry and makes M&A frequent.技术升级将转变成新的商业模式，作为准则和规定使业内人士优先考虑这一点，使并购频繁。 M&A in steel industry has been going on left an amazing trail of successful cases in this sector two year from now.从现在起两年，钢铁行业已经持续了留下了一个惊人线索的成功案例。 Case study in steel industry 案例研究在钢铁行业 Time 时间 Parties involved in M&A 参与并购 Case in brief 案例简介 Sep. 2004 2004年9月 Dalian Jinniu Co., Ltd., Beiman Special Steel Co., Ltd., Fushun Special Steel Co., Ltd.大连金牛股份有限公司，北满特殊钢股份有限公司，抚顺特殊钢有限公司 Dongbei Special Steel Group Co., Ltd was reorganized by the asset of former Liaoning Special Steel Group and well performed asset of Heilongjiang North Man Special Steel Group.东北特殊钢集团有限公司的资产重组前辽宁特钢集团和黑龙江省北满特殊钢集团进行资产合并。 Registered capital was RMB 3,644,171.5 with 6 wholly owned subsidiaries, 11 holding subsidiaries and one share-holding subsidiaries including two listed companies of Fushun Special Steel Co., Ltd. and Dalian Jinniu Co., Ltd.注册资本为人民币3,644,171. 5 6个全资子公司， 11个控股子公司和1个股份制子公司，包括两间上市公司的抚顺特殊钢有限公司，大连金牛股份有限公司。 China Orient Asset Management Corporation (COAMC), China Huarong Asset Management Corp., and China CINDA Asset Management Corp. have share of 16.67%, 15.31% and 3.02%.中国东方资产管理公司（ COAMC ） ，中国华融资产管理公司，中国信达资产管理公司拥有的份额16.67 ， 15.31 和3.02 。 May, 2005 2005年5月 Shougang Group took share of Shuigang Group首钢集团在份额水钢组 Shuigang Group is an important state-owned steel company in Southwest region with registered capital of RMB 1.98 billion. 水钢集团是一个重要的国有钢铁公司在西南地区的注册资本为人民币19.8亿美元。 It enjoyed comprehensive protuction capability of annual output in 1.3 million tons of iron, 1.3 million tons of steel and 1.2 million of rolled steel.它享有全面产品生产能力年产130万吨铁， 130万吨钢材和1.2万美元的钢材。 Guizhou State-Owned Asset Commission took hold of 40.66% of stock worth of RMB 805,000,000.贵州省国有资产委员会抓住了40.66 的股票价值人民币八万零五百点零万。 According to Agreement, its RMB 684,300,000 sharing 34.56% of total stock of Shuigang Group will be given away to Shougang Group, which made Shougang Group the first share-holder.根据协定，其人民币六万八千四百三十万，交流34.56 的总存量的水钢组将赠送给首钢集团，这使得首钢集团的第一股东。 Guizhou State-Owned Asset Commission took 6.1% of stock while others shared by China Cinda Asset Management Corp., China Huarong Asset Management Corp., and China Great Wall Asset Management Corp.贵州省国有资产委员会在6.1 的股票，而其他共享的中国信达资产管理公司，中国华融资产管理公司，中国长城资产管理公司 Aug. 2005 2005年8月 Anshan Iron and Steel Group Corporation integrated with Benxi Iron & Steel (Group) Limited鞍山钢铁集团公司与本溪钢铁（集团）有限公司 As the two biggest steel companies in Northeast China, Anshan Iron and Steel Group and Benxi Iron & Steel (Group) Limited have co-found Anben Steel Group which was announced in the ceremony in Shenyang.作为世界上两个最大的钢铁公司在中国东北部，鞍山钢铁集团和本溪钢铁（集团）有限公司共同发现鞍本钢集团宣布仪式在沈阳。 The birth of Anben Steel Group was a big event in the history of China s steel industry development and a benchmark in rejuvenation of old industrial bases in Northeast.出生鞍本钢铁集团是一个大事件的历史上中国的钢铁工业的发展和一个基准，振兴东北老工业基地。 The marriage between the two indicates the China s steel industry heralds in break-the-point stage and sustainable way of development.婚姻双方表明了中国的钢铁业预示着在突破了点阶段和可持续的发展道路。 Oct. 2005 2005年10月 Mittal Steel Co., MT took over HUNAN HUALING Steel Tubeand Wire Co.,LTD米塔尔钢铁公司，吨接管湖南华菱钢铁Tubeand有限公司 Mittal Steel Co., MT , as the biggest steel producer has hold 36.67% of stock of HUNAN HUALING Steel Tubeand Wire Co.,LTD with USD 0.338 billion.米塔尔钢铁公司，吨，作为最大的钢铁生产商已持有36.67 的股票的湖南华菱钢铁Tubeand线有限公司的3.38亿美元。 This was the first case for foreign company taking over a China s listed company and largest transaction in A Stock.这是第一种情况下考虑对外国公司在中国的上市公司和最大的交易中显示的股票。 Nov. 2005 2005年11月 Saint Gobain wholly acquired Xuzhou Steel&Iron General Factory圣戈班全收购徐州钢铁总厂 Saint Gobain was ranked on 106 among Fortune 500 with 32 billion of annual sales.圣戈班的106位财富500强中有 32亿美元的年销售额。 Saint-Gobain ( Xuzhou ) Pipelines Co., Ltd was taken shapre after the acquisition over Xuzhou Steel&Iron General Factory.圣戈班（徐州）管道有限公司，采取杀价后的收购徐州钢铁总厂。 USD 96 million was put in with registered capital of USD 59 million.美元九千六百点零万中被放在了与美元，注册资本5900万美元。 It focused on production and sales on iron Pipeline and other related products along with iron, dust and their cut-offs while manufactured and installed industrial Furnaces and equipment.它侧重于生产和销售的铁管和其他相关产品以及铁，灰尘和其削减得失，而制造和安装工业炉窑和设备。 Nov.2005 Nov.2005 CITIC Pacific Limited purchased Shijiazhuang Iron & Steel Co., Ltd中信泰富有限公司购入石家庄钢铁有限公司 CITIC Pacific Limited took hold of 80% of stock of Shijiazhuang Iron & Steel Co., Ltd with RMB 1.28 billion and its newly registered capital numbered RMB 196,400,000.中信泰富有限公司抓住80 的股票，石家庄钢铁有限公司，与人民币十二点八零亿和其新注册资本人民币一万九千六百四十零点零零万编号。 After the deal, CITIC Pacific Limited expanded its registered capital holding over Shijiazhuang Iron & Steel Co., Ltd up to 65%.收购完成后，中信泰富有限公司扩大注册资本控股的石家庄钢铁有限公司65 。 Based on the status quo of steel market and supply in up-stream and down-stream companies.基于现状的钢铁市场和供应的上游和下游企业。 We ha ve identified number of reasons of M&A in Chinas steel industry.我们确定了一些影响中国钢铁行业发展的因素。 A. The density of this market.首先，市场密度。 一些公司在这个部门The overall competitiveness has been weak due to mind-boggling number of companies in this sector and lack of scale.的整体竞争力一直处于令人难以置信的较弱状态，缺乏规模效益。 Take Hebei for instance, annual output has been 50 million tons.以河北为例， 有However, more than thousands of firm clustered the超过数以千计的年产量50万吨的企业集群存在。 With the same story appeared Liaoning .随后辽宁省出现同样的故事。 As of the end of September 2005, there were 6383 companies in this sector in which majority of companies merely have annual output less than 500,000 tons.截至2005年9月底，共有6383家公司在这个部门中，多数公司只有年产不到50万吨。 28.34% of companies were in dire strait losing money at RMB 7.2 billion in which 73% of steel companies in Guizhou Province were in bankruptcy with loss of RMB 548,000,000 while 62.91% of steel companies in Yunnan Province were in bankruptcy with loss of RMB 0.31 billion. 28.34 的公司都倒闭，亏损为人民币72亿元，其中73 这样的钢铁公司在贵州省，由于亏损破产损失的人民币五万四千八点零零万，占总损失的62.91 ，在云南省钢铁企业的破产损失人民币3.1亿。 Scale economy is paramount to survivability of steel companies since cost in this sector has been up.规模性经济是至关重要的，也是钢铁行业赖以生存的根本。 Integration in this sector has steeped into an accelerated phase.集合部门的成本已经过度到一个加速阶段，The number of local medium and small companies in losing will be knocked out into oblivion and high density will emerge.一些地方的中型和小型企业将由于生产高密度的出现而淘汰或者湮没。B. The requirement of technological revamping over backward firms. 其次，对企业落后技术改造的要求。 国务院关于工业建设的的名单As List of Industrial Reconstruction lay out by the State Council, Small furnaces, electric rangette and small arc oxygen furnace will be put into obsolete while to rule the market under fair competition with administrative policy.，这些企业对小炉，电动和小弧转炉将投入过时，而要施以市场规则下进行公平竞争的政策。Through upgrading of industrial structure, productivity and market share will be geared up.通过提升产业结构，使得生产力和市场份额分配准备就绪。 The rosy picture can be seen in guaranteed product mix, technique in equipment making and replacement of old product and equipment with new ones.在美好的蓝图中可以看出保证产品结构，技术装备制造和更换旧的产品设备等新的问题。 This should be viewed as core competitiveness for China s steel industry.这应被看作是中国钢铁工业的核心竞争力。 最后，国外对中国钢铁行业发展趋势的影响C. outside reason for M&A in China s steel industry.。 Continuous flow of foreign capital made M&A in domestic steel industry even harder.源源不断的外国资本涌入，取得了的国内钢铁业的股份会更难。 We found it is taking market share rather than seeking short term interest for foreign counterpart invaded in. in addition, China s steel output shares 30% in the world and 40% in sales which makes it a promising market around the world.我们发现它是市场份额，而不是寻求短期利益的外国对口经济入侵，此外，中国的钢产量30 的股票在占有世界上40 的销售额，在世界各地有良好的市场。外国一个低密度的生产，是一个The golden opportunity is provided to international steel gurus in that profitability of metric tons of steel in domestic companies is mere 30% to foreign one for low density of production while accessibility of single company nationwide is limited for chasm among regional markets.黄金机会是提供给国际钢铁权威的盈利总量仅是国内企业的30 的钢铁产量，同时消除鸿沟，获得全国单一公司是有限的区域市场。 在面临挑战的外国竞争和免疫国家支柱产业的外国控制下，M&A of domestic companies to boost production will be the only way out in facing with challenge from foreign rivalries and immunize national pillar industry from foreign control.并购国内企业提高生产将是唯一的出路。 3. 3 。 M&A trend analysis of China s steel industry中国的钢铁工业的并购趋势分析 Steel companies have put focused attention on M&A in 2005.钢铁企业已经把注意力集中在M A的2005年。 M&A has swept through Tanggang Group, Wuhan Iron & Steel (Group) Corp. and Panzhihua Iron & Steel (Group) Corp. This has made company scale expanded and stir up inner metamorphoses to boost competitiveness.并购已经横扫唐钢集团，武汉钢铁（集团）公司和攀枝花钢铁（集团）公司这使公司规模扩大和挑起内部结构变形来得以提升竞争力。 China s steel companies have stepped in high M&A period with adversaries getting fiercer.中国的钢铁企业已加强在高并购期间与对手越来越激烈的竞争。 According to data the M&A shows number of characters.根据数据调查显示的数据： A. more M&A in steel companies influential in regional area and the extent which ferocious competition will be cooling down. 更多的独资的钢铁公司影响力的区域面积和程度的凶猛竞争将降温。 Regional M&A can be classified into several categories identified: Anben Steel Group purchased steel companies in Northeast region; Shougang Group and Tanggang Group in Northern region; Baosteel Group consolidated Ma Steel and Hangzhou Iron & Steel Group Company in Eastern and Southern China; Wuhan Iron Steel （ Group ） Corp. took over its counterparts in nearby Provinces and cities in Central and Southern region; Panzhihua Iron & Steel (Group) Corp. as major player in Southwest region; Xinjiang Bayi Iron & steel Co., Ltd., Jiugang Iron & steel Group and Baogang Group.区域并购可分为几个类别确定： 鞍本钢铁集团收购钢铁企业在东北地区;首钢集团和唐钢集团在北部地区;宝钢集团合并马钢和杭州钢铁集团公司在东部和南部中国;武汉钢铁-钢铁（集团）公司接管对口邻近省市的中部和南部地区;攀枝花钢铁（集团）公司作为主要参与者西南地区; 在西北地区，新疆八一钢铁有限公司， 酒钢钢铁集团和宝钢集团。 in Northwest re B. vertical M&A intensified. 纵向并购正在加剧， Cost has been taken into consideration in investment from localities.考虑成本投资地点。 Vertical M&A over raw material suppliers such as mining firms and machinery firms will show up as to put cap on material cost.纵向并购的原料供应商，如采矿公司和机械公司将提高材料成本上限。 This move will control cost of raw material and ward off short supply of material.此举将控制成本的原料和抵御短期供应的材料。 C. M&A by Chinas steel companies over foreign ones is expected to gear up with fast step in globalization and strong capacity within steel company.中国的钢铁企业的并购加快全球化和强大能力的钢铁公司的趋势。 This type of M&A features taking over mining companies and medium size of steel companies for the consideration of resources allocation.这种类型的并购功能接管矿业公司和中等规模的钢铁企业，供其审议的资源配置。 In 1992, Shougang Group purchased SiderPeru with USD 0.12 billion as first case for M&A committed by China s company. 1992年，首钢集团购SiderPeru1.2亿美元，用于购置。 With increasing capability, Baogang Group will play more roles in M&A overseas.随着能力的发展，宝钢集团将发挥更多的作用，在海外并购中。 Wuhan Iron Steel （ Group ） Corp. will take time on M&A abroad.武钢-钢铁（集团）公司需要一定的时间海外并购。 A Analysis and Research on Steel Industry of China 20081. The Status quo in China s steel industry As biggest producer and consumer of steel, China showcased its importance on world stage. China s steel industry has put both feet on the accelerator in revamping technology and investment in new projects as facing great demand from market over years. Part of equipments and product quality has reached world level followed fast growth in productivity which enhanced the reputation of China s steel industry internationally speaking. There has been a steady growth in China s steel producing capability. The fixed asset investment in 2005 has increased by 27%. At the same time, the products mix has been improved further with high-added value products appeared on the market. The output of longs steel within total number has been plummeting to 52% while steel sheet up to 39%. Scale of steel company has witnessed a growth. China s crude steel output has reached to 308,437,800 tons growing 18.45% in the third quarter of 2006 and steel output has reached to 339,034,900 tons up 23.66%. Increasing demand from international market between January and September has put momentum to export, which is the core factor behind growth in steel production. On the other hand, structure upgrading cross-the-board will failed under the trend of excessive productivity if high production is overlapped upon obsolete model of business. Though China s steel production has been increasing, the over-surging production and systematic problem in export and import have triggered skyrocketing inventory of steel billet and steel with sliding price while the price of magnetite iron ore and dust stood stubbornly still which keeps production cost growing to 15% in 2005. The profitability has been lowering. In 2006, the change has shown in returning price of steel and production cost kept high. There is low density in China s steel industry and low quality in products. From 2005, industry tends to be centralized with 10 million tons of annual output and production companies being 8 from 2 in 2004. There were 18 companies with steel production above 500 tons sharing 46.36% in crude steel market. On world stage, number of big steel producers such as America , Japan , Korea and Russia have shared 60 to 80% of their own markets. In that sense, the density within China s steel industry needs to gear up as to bring competition into order. We found that there supposed to be a trend of density with host of big steel companies emerged. Therefore, the scale of M&A in years to come will be larger. On the other hand, the innovation in China s steel industry has been sharpened. Take Baosteel for instance, proprietary research of high-grade auto steel sheet has left a strong record with 193 types in this product. It will help drive up nationalization of steel sheet in China s automobile industry. Ansteel has successfully developed a major broadband line for Cold-rolled steel in 1780mm which embodies current level of equipment production and skills. In addition, the tremendous contribution has been made to put brand new products and deal with environmental protection. As China s steel industry forging on, it will run along the frontier in this sector. 2. M&A motives in China s steel industry The guideline named the Policy of Development in Steel Industry for China s steel industry was passed in State Council on April 20, 2005. It aims at boosting competitiveness cross-the-board and delivering physically sound way of development in this sector. Technology upgrading and transformation into new business model as Guideline set out will be top the priority which casts the light on this industry and makes M&A frequent. M&A in steel industry has been going on left an amazing trail of successful cases in this sector two year from now. Case study in steel industry Time Parties involved in M&A Case in brief Sep. 2004 Dalian Jinniu Co., Ltd., Beiman Special Steel Co., Ltd., Fushun Special Steel Co., Ltd. Dongbei Special Steel Group Co., Ltd was reorganized by the asset of former Liaoning Special Steel Group and well performed asset of Heilongjiang North Man Special Steel Group. Registered capital was RMB 3,644,171.5 with 6 wholly owned subsidiaries, 11 holding subsidiaries and one share-holding subsidiaries including two listed companies of Fushun Special Steel Co., Ltd. and Dalian Jinniu Co., Ltd. China Orient Asset Management Corporation (COAMC), China Huarong Asset Management Corp., and China CINDA Asset Management Corp. have share of 16.67%, 15.31% and 3.02%. May, 2005 Shougang Group took share of Shuigang Group Shuigang Group is an important state-owned steel company in Southwest region with registered capital of RMB 1.98 billion. It enjoyed comprehensive protuction capability of annual output in 1.3 million tons of iron, 1.3 million tons of steel and 1.2 million of rolled steel. Guizhou State-Owned Asset Commission took hold of 40.66% of stock worth of RMB 805,000,000. According to Agreement, its RMB 684,300,000 sharing 34.56% of total stock of Shuigang Group will be given away to Shougang Group, which made Shougang Group the first share-holder. Guizhou State-Owned Asset Commission took 6.1% of stock while others shared by China Cinda Asset Management Corp., China Huarong Asset Management Corp., and China Great Wall Asset Management Corp. Aug. 2005 Anshan Iron and Steel Group Corporation integrated with Benxi Iron & Steel (Group) Limited As the two biggest steel companies in Northeast China, Anshan Iron and Steel Group and Benxi Iron & Steel (Group) Limited have co-found Anben Steel Group which was announced in the ceremony in Shenyang. The birth of Anben Steel Group was a big event in the history of China s steel industry development and a benchmark in rejuvenation of old industrial bases in Northeast. The marriage between the two indicates the China s steel industry heralds in break-the-point stage and sustainable way of development. Oct. 2005 Mittal Steel Co., MT took over HUNAN HUALING Steel Tubeand Wire Co.,LTD Mittal Steel Co., MT , as the biggest steel producer has hold 36.67% of stock of HUNAN HUALING Steel Tubeand Wire Co.,LTD with USD 0.338 billion. This was the first case for foreign company taking over a China s listed company and largest transaction in A Stock. Nov. 2005 Saint Gobain wholly acquired Xuzhou Steel&Iron General Factory Saint Gobain was ranked on 106 among Fortune 500 with 32 billion of annual sales. Saint-Gobain ( Xuzhou ) Pipelines Co., Ltd was taken shapre after the acquisition over Xuzhou Steel&Iron General Factory. USD 96 million was put in with registered capital of USD 59 million. It focused on production and sales on iron Pipeline and other related products along with iron, dust and their cut-offs while manufactured and installed industrial Furnaces and equipment. Nov.2005 CITIC Pacific Limited purchased Shijiazhuang Iron & Steel Co., Ltd CITIC Pacific Limited took hold of 80% of stock of Shijiazhuang Iron & Steel Co., Ltd with RMB 1.28 billion and its newly registered capital numbered RMB 196,400,000. After the deal, CITIC Pacific Limited expanded its registered capital holding over Shijiazhuang Iron & Steel Co., Ltd up to 65%. Based on the status quo of steel market and supply in up-stream and down-stream companies. We ha ve identified number of reasons of M&A in Chinas steel industry. A. The density of this market. The overall competitiveness has been weak due to mind-boggling number of companies in this sector and lack of scale. Take Hebei for instance, annual output has been 50 million tons. However, more than thousands of firm clustered there. With the same story appeared Liaoning . As of the end of September 2005, there were 6383 companies in this sector in which majority of companies merely have annual output less than 500,000 tons. 28.34% of companies were in dire strait losing money at RMB 7.2 billion in which 73% of steel companies in Guizhou Province were in bankruptcy with loss of RMB 548,000,000 while 62.91% of steel companies in Yunnan Province were in bankruptcy with loss of RMB 0.31 billion. Scale economy is paramount to survivability of steel companies since cost in this sector has been up. Integration in this sector has steeped into an accelerated phase. The number of local medium and small companies in losing will be knocked out into oblivion and high density will emerge. B. The requirement of technological revamping over backward firms. As List of Industrial Reconstruction lay out by the State Council, Small furnaces, electric rangette and small arc oxygen furnace will be put into obsolete while to rule the market under fair competition with administrative policy. Through upgrading of industrial structure, productivity and market share will be geared up. The rosy picture can be seen in guaranteed product mix, technique in equipment making and replacement of old product and equipment with new ones. This should be viewed as core competitiveness for China s steel industry. C. outside reason for M&A in China s steel industry. Continuous flow of foreign capital made M&A in domestic steel industry even harder. We found it is taking market share rather than seeking short term interest for foreign cou
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