It was learned from the Hunan Iron & Steel Group Co., Ltd. on January 8 that, the group has focused on main responsibilities and businesses in 2023, led high-quality development, and achieved steady progress in production and operation. The group, despite the downward pressure of the steel industry, has realized an annual revenue of 236 billion yuan, a year-on-year increase of 7.2%. Its profitability entered the top rank of the industry, shortlisted for the Fortune Global 500 list for two consecutive years.

The group has highlighted technological innovation, to promote the structural adjustment of types of products to the middle and high end of the value chain. In accordance with the requirements of Hunan's "4 × 4" modern industrial system construction, and aiming at high-end equipment manufacturing, major engineering construction, new energy, strategic emerging industries and other fields, it has pushed forward the product structure to high-end orientations. At present, its sales volume of key high-efficiency products accounts for 63% of the total.

The Hunan Iron & Steel Group has continued to carry forward the reform of the "three systems", namely labor, personnel, and distribution. It has deepened "hard constraints and strong incentives", to activate the talent vitality for strengthening the main businesses. The company has standardized the establishment of the board of directors, fully implementing the tenure system of managers and contractual management. It has actively cultivated young managers, with 35% of the middle-level management personnel being the post-85s and post-90s.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Yu Jiangjiang

Chinese source: Voice of Hunan