TISCO proves its mettle in tough steel market (3)

As the first stainless steel producer in China, the company has witnessed the development of the sector in the country, the world's biggest producer and consumer.

"Chinese stainless producers have to accelerate the level of their technological innovation to create a sustainable development model, especially when the country's stainless steel capacity has already exceeded demand, leading to fierce competition," added Li.

TISCO owns 10 million tons of capacity of which 3 million are stainless steel.

During the first three quarters of 2012, the company exported 250,000 tons of stainless steel to Europe and the United States, a 5 percent rise year-on-year.

The company plans to increase its stainless steel exports by 52 percent to 500,000 tons this year.

Li Huifeng, a senior official in its technology center, added that the company has spent heavily on research and development to raise its innovation levels, "which has helped us realize our current position in the market".

That investment has included spending 200 million yuan on two experimental platforms for technology research and new product development in the past two years.

Another 200 million yuan was spend on lab equipment.

"Technological innovation is a long-term process which should not be expected to make instant profits," said Li Huifeng.