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Chairman’s New Year Address

-Face Challenges Calmly


        More than two centuries ago, Napoleon Bonaparte led his army across the towering Alps. When he reached the Great St.-Bernard Pass, he blurted out these familiar words: “I am even higher than the Alps!” Years later, Napoleon added, “More precisely, my desire for victory is considerably higher than the Alps.”


        At this moment, when 2016 is coming to an end, I suddenly feel that Napoleon’s comment coincides with our experience at Baosteel Metal over the past year: confronted with an extremely depressing market and fierce competition, my colleagues have stood together and marched forward through turbulent currents. Under the guidance of the management policy of “promoting reforms on SOEs, accelerating business transformation, optimizing efficiency in a comprehensive manner, and rigorously controlling management risks”, we have achieved our operational revenue targets and pushed forward the growth of our assets. We have made improvements in every dimension, including market share, customer satisfaction, operational efficiency, system maturity, employee loyalty, cultural practice, factory management, innovation, etc. Each fellow colleague at Baosteel Metal has made constant progress, with the pursuit of brilliant prospects, a passion for the collective cause, a sense of responsibility toward shareholders and clients, and the desire to attain victory upon victory.


        2017 marks the tenth anniversary Baosteel Metal. In this new year, the external environment still looks bleak, with a volatile international situation, a global economic downturn, industrial companies encountering difficulties in their development, the staggering task of reducing capacity and inventory, and the complicated internal integration into Baowu Steel Group, etc. No doubt we are facing challenges far steeper than the Alps! Yet, a good seaman reveals his exceptional skill in nasty weather. In the past decade, Baosteel Metal has gradually crystalized its strategies, built its core capabilities, promoted marketization and kept cash flow safe and steady. The ten years has been fruitful in accumulation, reflection and good governance. Since we have never had natural advantages, why not fight in storms over and again without fear?


        In the face of the unpredictable future, the only 100 percent sure thing is Baosteel Metal’s unswerving craving for triumph. We will adhere to the spirit of “asking what one can give rather than what one can get” and pursue a justifiable cause instead of personal gains or superficial fame. Bright minds endure vicissitudes. Even if the mountains are lofty and the journey is tough, our mindset will determine our positioning. The corporate spirit of Baosteel Metal—“Boldness in taking responsibility, transformation through innovation, integrity and cooperation, and value creation”—makes us brave without any fear. The core capability of Baosteel Metal—“The integrated development of strategy, culture, and process on the basis of teams”—gives us wisdom and clarity without any bewilderment. The corporate value of Baosteel Metal—“governance by benevolence and pursuit of the well-being of the community via love and trust”—makes us benevolent without any worry.


        With the new year’s bell ringing, we are starting off immediately—promoting reforms on SOEs, adopting a lightweight strategy, implementing all-round Amoeba operations, reducing costs systematically, and optimizing key processes……so as to capture the essence of management, bring into full play employees’ benevolence and potential, pinpoint the direction for value creation for the entire workforce, and analyze the value creation of each post quantitatively, and ultimately build Baosteel Metal into a value-creating platform. In many years, a lot of things will vanish into the air. Yet, I believe each colleague of Baosteel Metal will accumulate fond memories of striving together and harvest a sense of satisfaction, warmth, happiness and pride!


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