|Taiyuan Iron and Steel Group Co Ltd's booth at a trade show in Taiyuan, Shanxi province. China's steel industry fell into a major deficit last year, with a total loss of 3.4 billion yuan ($545 million) during the first 10 months of 2012. [Photo/China Daily]|
Largest supplier attributes success to innovation, high-end products
It's a fact few people might know, but the metal used to make the many millions of coins in circulation in China is made in Taiyuan in Shanxi province by a company now regarded as the world's largest stainless steel producer.
Taiyuan Iron and Steel Group Co Ltd, or TISCO, is the only supplier of stainless steel to make the coins - but its products come in many different shapes and sizes, and are, of course, used in countless items which come into people's everyday lives including iPhones, cars, trains and even bridges.
Taiyuan's annual stainless steel production has increased to 3 million tons, making it the world's largest supplier, but China's steel industry as a whole is facing tough times, caused by a weak global economy and overcapacity.
To face up to the challenge, TISCO has invested heavily in developing high-end products, while it focuses more on its burgeoning stainless steel business.
Its latest financial figures show that as most domestic steel companies suffer losses, it remains on the right track.
Its 2012 revenue is expected to hit 130 billion yuan ($20.86 billion), with profits of 380 million yuan.
This year's revenue targets have been set at 140 billion, which are expected to deliver 500 million yuan in profits.
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