Knowing All about Hunan

Hunan Iron & Steel Group, a Newcomer in 2022 Fortune Global 500 List

Updated:2022-08-05 09:28:17

The 2022 Fortune Global 500 list was released on August 3rd. The Hunan Iron & Steel Group Co., Ltd. was the new name on the list, ranking 421st with operating revenue of over 34 billion CNY. It marked that Hunan company made the list for the first time.

The Hunan Iron & Steel Group Co., Ltd. was founded on March 7th this year, formerly known as the Hunan Valin Iron & Steel Group Co., Ltd. Its subsidiaries, the Xiangtan Iron & Steel Co., Ltd., Liangyuan Iron & Steel Co., Ltd., and Hengyang Valin Steel Tube Co., Ltd., were all founded in 1958. They have written a glorious chapter of the development and leapfrog history of Hunan's iron and steel industry during the past six decades. With total assets of 137.2 billion CNY, the group has two listed companies -- the Hunan Valin Iron & Steel Co., Ltd. and the Hunan Valin Wire & Cable Co., Ltd., a joint venture -- the Valin ArcelorMittal Automotive Sheet Co., Ltd. (VAMA) with ArcelorMittal, and many other subsidiaries. In 2021, both its revenue and profit hit a record high in history for the same period.

In recent years, the group has vigorously pushed forward the supply-side structural reform; continued to cultivate its main business; and, promoted the spirit of craftsmanship. An array of its high-end products have filled the domestic gap and are widely used in many market segments such as shipbuilding, marine engineering, automobiles, bridges, and construction machinery, forming a unique competitive advantage. It has become the world's largest manufacturer of single-piece wide and thick plates, Asia's largest producer of thin-gauge high-strength steels, China's second-largest supplier of seamless steel pipes, and the world's most technologically-advanced manufacturer of automotive plates. It is a calling card of Hunan's advanced steel material manufacturing.

By the crude steel output in 2021, the Hunan Iron & Steel Group Co., Ltd. ranked 9th in China's iron and steel industry and 14th worldwide. Accelerating the digital and intelligent transformation, the group's annual per capita steel production exceeded 1,500 tons, maintaining an advanced level in the industry. It began a brand-building project in 2022. It is committed to becoming a national and world-class "Made in Hunan" brand and a national top-level metallurgical base.

It was learned that the threshold for the 2022 Fortune Global 500 list is 28.6 billion USD by operating revenue.