Shougang Group is expected to produce 15.4 million tons of steel and rake in 110 billion yuan of sales revenue this year, ranking second in China's iron and steel industry, said Zhu Jimin, chairman of the group on Dec. 2.

   By taking the chance of moving to Chaofeidian in Hebei, a neighboring province of Beijing, Shougang has stepped up adjusting and upgrading the industrial structure and enhance its competitive edge and innovation capability.

   Zhu stated that Shougang's Chaofeidian base is equipped with the world's top level facilities, and its Qinghuangdao Iron and Steel Works boasts the ace facilities of the country.

   The chairman also disclosed that in a bid to ensure a sustained and stable development, Shougang has accelerated implementing resource strategy. At present the steel giant has invested coal projects in inland Ningxia and Shanxi, and it also striving to prospect iron ore resource overseas.