Shougang Group makes it back into the Fortune Global 500

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Shougang Group once again made it onto the list of the world’s top 500 companies, rising from 325th place in 2011 to 295th place in 2012. Date: 2012-07-11 09:18. Source: Shougang Daily. On the evening of July 9, U.S. magazine Fortune released its list of the world’s top 500 companies for 2012, with Shougang Group ranking 295th with annual revenue of 233.5 billion yuan. This is the second time that Shougang Group has made it onto the list of the World’s 500 strongest companies, after first appearing on it in 2011 at rank 325. 2011 was the most challenging year for the steel industry since Shougang entered the 21st century. Faced with various pressures and challenges, Shougang earnestly implemented the strategic directives of the central government and the requirements set by Beijing, adhered to scientific development, made sustained efforts to innovate, strive for excellence, and foster entrepreneurship in order to enhance the competitiveness of its steel business. It also completed the reassignment of workers whose jobs were eliminated as a result of the shutdown of Beijing’s main steel production facilities. Positive progress was made in the transformation of non-steel industries as well as those in the Beijing area. At the same time, the company deepened reforms, improved its management practices, expanded its openness and cooperation, strengthened its ability to innovate independently, and enhanced its core competitiveness, thereby further boosting the overall strength of the group. The Fortune Global 500 list has always been the most renowned and authoritative ranking of large companies around the world, published annually by Fortune magazine. On the 2012 list of the world’s top 500 companies, 73 companies from mainland China (excluding Taiwan) were included, an increase of 12 compared to the previous year. Including Taiwan, a total of 79 Chinese companies made it onto the list this year. Among them, 7 companies from the steel industry made it onto the list; the other 6 companies are Baosteel Group Co., Ltd., Hebei Iron and Steel Group, Wuhan Iron and Steel (Group) Company, Jiangsu Shagang Group, Ansteel Group Company, and Xinxing Jihua Group, which ranked 197th, 269th, 321st, 346th, 462nd, and 484th respectively. In 2012, the threshold for making it onto the list of the world’s top 500 companies was $22.006 billion, representing a 12.94% increase compared to $19.484 billion in 2011