China Minmetals is Listed in Fortune Top 500

 

The website of American Fortune Magazine published, on July 12th, a list of Top 500 companies in the world. China Minmetals has been included in the list for the first time, ranking No. 435.

The website of American Fortune Magazine published, on July 12th, a list of Top 500 companies in the world. China Minmetals has been included in the list for the first time, ranking No. 435. The year of 2006 witnessed China Minmetals sales revenues of US$16.9 billion dollars, a new record high both in operation size and profits. Preliminary statistics show that the business volume of Minmetals in the first half of 2007 totaled US$9.953 billion dollars, a year-on-year increase of 25 percent.

With a continuous growth in business volume for several consecutive years, China Minmetals has also changed greatly in operation modes from pure import and export. Now the profits of Minmetals’ manufacturing enterprises in which Minmetals has controlling shares account for more than 50 percent of the Group’s total. In 2006, the Group’s domestic trade volume exceeded that of foreign trade for the first time, symbolizing that Minmetals has made substantial progress in transformation into a metal and mining group.

China Minmetals has been actively involved in resources development both in and outside China. Through cooperation with domestic and international mining giants, entering the market of mining rights, the Group has obtained rare resources. Now Minmetals has nearly 600 million tons of iron ore reserves, 385,000 metric tons of tungsten recourses, 2.51 million tons of alumina, over 1.5 million tons of copper reserves and 280 million tons of coking coal reserves. Furthermore, Minmetals has an exclusive exploring right for a bauxite mine in Jamaica. The Group has been also making risk explorations in silver, lead and zinc mines in Gansu, tungsten and molybdenum mines in Guangxi and in nonferrous metals in Bolivia. Minmetals’ activities in the upstream resources development have ensured the Group’s leading position in resources control in the future.

As the largest steel distributor in China, the Group handled over 19 million tons of steel products. During the course of transformation, China Minmetals has put its advantages into full play in the trading of steel products. While maintaining its leading position in the trade of steel products in the whole country, Minmetals has further developed its distribution operations and provided value-added services by building up a marketing network. The Group has set up processing centers in Tianjin, Qinhuangdao and Taicang in Jiangsu to provide value-added services to its customers.

Minmetals has also actively grasped opportunities in the country’s new round of economic growth. During the process of its strategic transformation, the Group has focused on regional economic development in China by starting economic and technical cooperation in Qinghai, Hunan, Liaoning, Tianjin and Anhui to obtain resources. In July 2006, Minmetals acquired Ershisanye Construction Group, starting operations in mining and metallurgical construction. In February 2007, China Minmetals signed with the People’s Government of Yingkou, Liaoning Province, an “Agreement on Development and Construction of Minmetals Industrial Park” with a size of 20 square kilometers to build complexes for materials supplies, processing and distribution of steel products, logistics and real estate.

While having improved in operation size and economic results, the Group does not forget its social responsibilities for the public good. The Group has contributed over 10 million Renminbi yuan to the Hope Project, poverty-relief and environmental protection in Shanxi, Jiangxi, Hunan, Xinjiang and Yunnan. China Minmetals has been endeavoring to make a series of strategic transformations from a trading enterprise into a rare resource controller, metal producer and service provider. The Group aims at achieving sale revenues of RMB200 billion, a profit of RMB8 billion yuan in the year of 2010 and becoming a leading metal and mining group.

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