Saturday, 16 Jul 2011
It is reported that Henan Coal Chemical Industry Group Co Ltd a wholly state owned company in China Henan Province appears on the recent released Fortune 500 2011 list making it the first global 500 enterprise in the province.
After strategic reorganization, HNCC is now the largest and most profitable industrial enterprise in Henan. Given the limited coal resources in the region, the corporation seldom sells raw coal. Instead, it keeps trying to increase its value added product mix.
Mr Tang Yuanyou MD told the reporter that HNCC ranks 445 on the list with its revenue totaling CNY 146.991 billion in 2010.
He estimates HNCC coal output will reach a healthy 90 million tonnes in 2011 and exceeded 100 million tonnes in 2012. Then, it can boast of being a top national coal base and a real world class coal enterprise.
Mr Tang said the key to HNCC success is not merely resources, but how to utilize them. He said “We hardly do the low end market. Our raw coal is seldom sold outwards or used for power generation.”
The corporation owns over 40 billion tonnes of coal deposit, 1.2 million tonnes of molybdenum industrial reserve and 1.6 billion tonnes of domestic and foreign bauxite resources. Its molybdenum possession is the highest in China.
(sourced from MySteel.net)
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