Jiangsu Shagang Group Co., Ltd.
Jiangsu Shagang's business is iron-clad and steeled to one of the world's fastest-growing economies. The company processes and manufactures some 11 million tons of iron annually. It is also one of China's top-five steel producers, rolling out 13.5 million tons of steel each year. Jiangsu Shagang's product line includes rebar, wire rods, slabs, and hot-rolled coils. In addition to iron and steel, Jiangsu Shagang annually produces 350,000 tons of stainless steel sheets and 150,000 tons of zinc-plated steel sheets. The company was established in 1975 and claims total assets worth $4.05 billion (RMB 32.5 billion).
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US political leaders have struck an agreement in principle on a $US700 billion bailout plan to revive the troubled financial system. It is hoped both houses of US congress will vote on the plan within days. Wall Street and European markets have reacted positively to the news, with major indices recording gains of around two per cent.
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