Iron ore seems to be the chief culprit for the loss of domestic steel companies.
Recently, the world’s top three mines reported their performance in 2010. Vale’s net profit was 17.3 billion U.S. dollars, BHP Billiton was 17 billion U.S. dollars, and Rio Tinto’s earnings growth was doubled to 14.3 billion U.S. dollars. Compared with the remarkable performance of the three major mines, the profits of domestic steel mills are meager. 77 large and medium-sized steel enterprises of the China Iron and Steel Association have realized a net profit of 89.7 billion ***, equivalent to US$ 13.6 billion, which is less than the profit of the three major mines. One-third of the total.
77 large and medium-sized steel enterprises profit, of which Baosteel accounted for 26%, most companies are in a state of profit or loss. The steel industry only has a sales margin of 2.91%, which is the lowest in the domestic industrial sector and far below the average level of 6.2% for industrial enterprises across the country. Of course, taking into account the non-steel profits of the steel mills, steel mills' profits will be even lower, even losses. For example, the non-steel profit of Wuhan Iron and Steel accounts for more than half of the total profit.
Talking about the loss of iron and steel companies, we first thought of the price of iron ore. According to the report of the Ministry of Industry and Information Technology, the average price of imported iron ore in China in 2010 was US$128/ton, which was US$40/ton higher than that of the previous year. For this reason, the steel enterprises paid 196 billion yuan more in the whole year.
In fact, the price increase of iron ore is only a representation, and the global industrial chain profit distribution pattern has changed. BHP Billiton and Rio Tinto, which are impregnated with European and U.S. origins, have laid out a world minerals industry. Each year it has a billion-dollar profit and enjoys high profits for a long period of time. In the steel industry chain, benefits have been greatly transferred to mining companies. At present, the new "scissors gap" has been formed, steel products are no longer a high-margin industry, and iron ore has become the biggest link in retaining profits.
In the developed countries, not only iron ore but also primary products such as grain and petroleum have been successfully deployed. The world's important raw material production base has been basically controlled by the developed countries. The scissor cuts in the prices of industrial and agricultural products, driven by the developed countries, have been reversed, so that worldwide profits will continue to flow to Europe and the United States.
But why the domestic steel industry will be the industry's lowest profit, it is worth rethinking. The reason is that the marketization of steel companies is not complete.
The upstream and downstream industries of China's steel industry have achieved marketization. In the upstream raw materials sector, in 2006, the system for acquiring compensation for exploration and mining rights was advanced. In these years, iron ore and coal have been market-oriented. As for overseas resources, it is also achieved international marketization. The acquisition of mines and the purchase of raw materials require steel mills to buy real money, free trade, and marketization. The sales link also achieved marketization. From the perspective of channels and end-users, the quality, price, and supply efficiency of steel products have become the direct determinants of purchase. Consumers are God, consumers are not satisfied, and they will directly choose to vote with their feet. Purchase other company products.
However, iron and steel enterprises as the core of the industry, marketization is not around the attack, has become a semi-automatic reform.
The serious losses of iron and steel enterprises are due to the low operating efficiency of steel plants. In fact, the root cause lies in the fact that the reform of the iron and steel enterprises is not thorough, because it is against the market.
The emergence of iron and steel enterprises has a strong non-market color. Most of the large and medium-sized steel plants are state-owned enterprises. These state-owned enterprises are local key enterprises from which the planned economy has been transformed. At the end of the last century, they were generally losing money. After benefiting from the substantial growth in China's steel demand, these steel mills got rid of the loss, after 2005, with low-interest rates and local government support, large-scale staking and expansion.
However, the internal competition in the iron and steel industry is not enough. Although iron and steel enterprises are in a competitive field, the core of competition, that is, the survival of enterprises is affected by many external factors, which directly reduces the vitality of steel enterprises.
For example, it involves the reorganization and merger of enterprises, the government is too administratively strong, and protectionism is prevalent. Due to fiscal and taxation reasons, local governments support large enterprises in the province, few cross-regional restructurings, and reorganization of iron and steel companies, and the prevailing trend of the local steel companies to occupy the mountains has distorted the original intention of the reorganization of steel companies and deviated from the principle of marketization.
Under the protection of local governments, the competitiveness of the industry is not enough. The reorganization of steel companies is exclusive, leading directly to the private economy's living space is severely depressed, limiting the private enterprises, there is no "catfish" stimulation, the vitality of state-owned steel plants is obvious Inadequacies, corporate market sensitivity is low, the inherent ills of state-owned enterprises can not be overcome, and business operations are inefficient.
In particular, by the year 2010, there has been little progress in the restructuring of steel, and even there has been a reversal of marketization. For example, the loss of Shandong Iron and Steel was restructured and profitably [46.20 2.21%] thick Rizhao Steel. On September 6, 2009, Shanshan Iron and Steel signed a reorganization agreement with Japan Steel, but the reorganization was postponed for three times. At present, Shanshan Iron and Steel does not have sufficient acquisition funds. Reorganization of Rigang currently suspends restructuring negotiations.
Every company is a cell of the industry. The operating mechanism of the company is not smooth and the industry's profitability is naturally worrying. The top priority is to carry out market-oriented reforms to inject vitality into the industry and increase the competitiveness of steel companies.
Recently, the world’s top three mines reported their performance in 2010. Vale’s net profit was 17.3 billion U.S. dollars, BHP Billiton was 17 billion U.S. dollars, and Rio Tinto’s earnings growth was doubled to 14.3 billion U.S. dollars. Compared with the remarkable performance of the three major mines, the profits of domestic steel mills are meager. 77 large and medium-sized steel enterprises of the China Iron and Steel Association have realized a net profit of 89.7 billion ***, equivalent to US$ 13.6 billion, which is less than the profit of the three major mines. One-third of the total.
77 large and medium-sized steel enterprises profit, of which Baosteel accounted for 26%, most companies are in a state of profit or loss. The steel industry only has a sales margin of 2.91%, which is the lowest in the domestic industrial sector and far below the average level of 6.2% for industrial enterprises across the country. Of course, taking into account the non-steel profits of the steel mills, steel mills' profits will be even lower, even losses. For example, the non-steel profit of Wuhan Iron and Steel accounts for more than half of the total profit.
Talking about the loss of iron and steel companies, we first thought of the price of iron ore. According to the report of the Ministry of Industry and Information Technology, the average price of imported iron ore in China in 2010 was US$128/ton, which was US$40/ton higher than that of the previous year. For this reason, the steel enterprises paid 196 billion yuan more in the whole year.
In fact, the price increase of iron ore is only a representation, and the global industrial chain profit distribution pattern has changed. BHP Billiton and Rio Tinto, which are impregnated with European and U.S. origins, have laid out a world minerals industry. Each year it has a billion-dollar profit and enjoys high profits for a long period of time. In the steel industry chain, benefits have been greatly transferred to mining companies. At present, the new "scissors gap" has been formed, steel products are no longer a high-margin industry, and iron ore has become the biggest link in retaining profits.
In the developed countries, not only iron ore but also primary products such as grain and petroleum have been successfully deployed. The world's important raw material production base has been basically controlled by the developed countries. The scissor cuts in the prices of industrial and agricultural products, driven by the developed countries, have been reversed, so that worldwide profits will continue to flow to Europe and the United States.
But why the domestic steel industry will be the industry's lowest profit, it is worth rethinking. The reason is that the marketization of steel companies is not complete.
The upstream and downstream industries of China's steel industry have achieved marketization. In the upstream raw materials sector, in 2006, the system for acquiring compensation for exploration and mining rights was advanced. In these years, iron ore and coal have been market-oriented. As for overseas resources, it is also achieved international marketization. The acquisition of mines and the purchase of raw materials require steel mills to buy real money, free trade, and marketization. The sales link also achieved marketization. From the perspective of channels and end-users, the quality, price, and supply efficiency of steel products have become the direct determinants of purchase. Consumers are God, consumers are not satisfied, and they will directly choose to vote with their feet. Purchase other company products.
However, iron and steel enterprises as the core of the industry, marketization is not around the attack, has become a semi-automatic reform.
The serious losses of iron and steel enterprises are due to the low operating efficiency of steel plants. In fact, the root cause lies in the fact that the reform of the iron and steel enterprises is not thorough, because it is against the market.
The emergence of iron and steel enterprises has a strong non-market color. Most of the large and medium-sized steel plants are state-owned enterprises. These state-owned enterprises are local key enterprises from which the planned economy has been transformed. At the end of the last century, they were generally losing money. After benefiting from the substantial growth in China's steel demand, these steel mills got rid of the loss, after 2005, with low-interest rates and local government support, large-scale staking and expansion.
However, the internal competition in the iron and steel industry is not enough. Although iron and steel enterprises are in a competitive field, the core of competition, that is, the survival of enterprises is affected by many external factors, which directly reduces the vitality of steel enterprises.
For example, it involves the reorganization and merger of enterprises, the government is too administratively strong, and protectionism is prevalent. Due to fiscal and taxation reasons, local governments support large enterprises in the province, few cross-regional restructurings, and reorganization of iron and steel companies, and the prevailing trend of the local steel companies to occupy the mountains has distorted the original intention of the reorganization of steel companies and deviated from the principle of marketization.
Under the protection of local governments, the competitiveness of the industry is not enough. The reorganization of steel companies is exclusive, leading directly to the private economy's living space is severely depressed, limiting the private enterprises, there is no "catfish" stimulation, the vitality of state-owned steel plants is obvious Inadequacies, corporate market sensitivity is low, the inherent ills of state-owned enterprises can not be overcome, and business operations are inefficient.
In particular, by the year 2010, there has been little progress in the restructuring of steel, and even there has been a reversal of marketization. For example, the loss of Shandong Iron and Steel was restructured and profitably [46.20 2.21%] thick Rizhao Steel. On September 6, 2009, Shanshan Iron and Steel signed a reorganization agreement with Japan Steel, but the reorganization was postponed for three times. At present, Shanshan Iron and Steel does not have sufficient acquisition funds. Reorganization of Rigang currently suspends restructuring negotiations.
Every company is a cell of the industry. The operating mechanism of the company is not smooth and the industry's profitability is naturally worrying. The top priority is to carry out market-oriented reforms to inject vitality into the industry and increase the competitiveness of steel companies.
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