OREANDA-NEWS. October 25, 2011. Baosteel Engineering & Technology Group held the meeting for overseas work, defining the target of speeding up the implementation of internationalization strategy. By 2015, RMB 8 billion sales will be realized for the development of overseas business, and the company will go all out to build itself into a world class internationalized engineering & technology service provider for large-scaled industry and urbanization construction featuring "professional service, internationalized market and IT integrated operation", reported the press-centre of Baosteel.

In the new round planning of Baosteel Engineering & Technology Group, RMB 40 billion sales revenue will be realized in 2015, among which the proportion of steel and non-steel business will account for 30% and 70% respectively, the proportion of the market within Baosteel group, the domestic market and international market will account for 30%, 50% and 20%.

Since Baosteel Engineering & Technology Group was established, the steps of internationalized operation keeps accelerating with preliminary effect already shown up. A batch of renowned steel works and world famous engineering companies have become the direct customers of the company. The most competitive products with proprietary intellectual property rights, such as blast furnace PCI, BSSF slag treatment device, blast furnace granulated slag vertical roller mill, etc. have achieved successful breakthrough in the international market.

In the meantime, the capability of Baosteel Engineering & Technology Group to undertake overseas projects improves notably. After Namibia Cement Works in African continent reached the designed capacity ahead of schedule, the company won the bid of 5 packages including plant building design, plant design, construction supervision, utility EPC and inventory management system in Vietnam CSVC Cold Rolling Plant. As the number of overseas project undertaken increases, a batch of management talents for internationalized projects with actual experiences, fluent foreign language and capability of taking charge of one job alone grow up robustly.

In order to further speed up the implementation of internationalization strategy, Baosteel Engineering & Technology Group set up the route of operating according to the international norms to improve the enterprise value. Firstly, to benchmark with the international excellent engineering companies to find the gaps in terms of sales scale, profitability, main business supporting capability, completeness of industrial chain, assets and personnel efficiency, rapid growth of emerging business, etc. Secondly, through the construction of overseas marketing system, etc. and coordination with Baosteel's overseas regional companies to further press close to and serve the project customers. Thirdly, set up long-term strategic partnerships with foreign engineering companies to realize complementation of advantages.