Introduction
China Minmetals Corporation, established in 1950, is a state-owned enterprise and heavyweight in the black metallurgical industry. During the three decades after its establishment, the company has established more than 180 subsidiaries in the country, with an annual domestic and foreign trade turnover of RMB five hundred billion and an annual output of various products and services exceeding five million tons.
History of China Minmetals Corporation
China Minmetals Corporation has a long and rich history. The actual predecessor of the organization was the Metal Industrial Bureau set up in 1950. Since then, the organization has gone through several structural changes, with the main task of nationalizing the Black Metallurgical Enterprises in the country and taking over the overall production and management of Chinas Black Metallurgical Enterprises.
In 1987, the State Council of China decided to establish China Nonferrous Metals Corporation, which aimed at integrating the Black Metallurgical Enterprises into a large-scale and highly competitive and comprehensive corporation.
In 2001, China Nonferrous Metals Corporation was restructured as China Minmetals Corporation. In 2002, China Minmetals assumed the responsibility for the development of Black Metallurgical Enterprises, and since then has been committed to further promoting the integration and modernization of Chinas black metallurgical industry.
Strategies of China Minmetals
China Minmetals Corporation has adopted a number of innovative and effective strategies in order to ensure the sustained development of the company. Initially, it focused on consolidating the foundation of the company and promoting the optimization and upgrading of the enterprises, which aimed at enhancing the overall competitiveness of the Chinese black metallurgical industry.
In 2003, it set up the China Minmetals Development Research Institute, which was dedicated to accelerating the development of the corporate technology and training and improving the competitiveness of personnel.
Furthermore, China Minmetals Corporation also implemented a series of reform measures on the production, operation and management of all the black metallurgical enterprises in an attempt to make more rational resource allocations, innovative market strategies and bolder investment decisions.
Benefits to the Nation
Despite being a private enterprise, China Minmetals Corporation has made a significant contribution to the economic and social development of the Peoples Republic of China. The corporation has undertaken a number of large-scale projects such as the construction of the worlds largest aluminium smelting plant in Weihai, Shandong province, resulting in an impressive boost in the local and regional economy.
Moreover, its operations have generated enormous taxes for the government, and its strategies for corporate social responsibility, such as the establishment of college scholarships and engagement in charitable activities, have contributed significantly to the betterment of local communities.
Conclusion
In conclusion, China Minmetals Corporation has been instrumental in the development of Chinas black metallurgical industry. The company has implemented a range of innovative strategies in order to maximize its potential, and its operations have led to remarkable benefits for the nation. As a result, the company is one of the largest black metallurgical enterprises in China and continues to be a key driver of economic growth.
