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STSS moved upward on the latest list of top 500 Chinese companies published by the Fortune

By Zhang Xiaopeng UpDate 2022-07-21

Recently, the 2022 Fortune unveiled a list of China Top 500 companies, among which Shanxi Taigang Stainless Steel (STSS), TISCO’s main business entity, climbed from 171 in 2021 to 138, ranking the highest among all Shanxi enterprises.

The list was jointly compiled by Fortune (Chinese version) and CICC Wealth Management, taking into account the performance and achievements of the largest Chinese listed companies worldwide in the past year. The 500 companies registered a total revenue of 62 trillion yuan, and net profit of 4.7 trillion yuan. Compared with previous year, both revenue and net profit saw a great improvement. STSS ranked 138th with a revenue of more than 101.4 billion yuan.

In 2021, STSS seized the favorable opportunities in markets, took reform and innovation as the driving force, input every effort to explore market, so as to push its business performance to historical high. If looking into the specific indicators, the annual output of steel was 12,731,400 tons, including 4,472,400 tons of stainless steel; the annual sales volume of steel was 12,082,600 tons, including 4,143,200 tons of stainless steel; 618,300 tons of steel were exported, including 410,100 tons of stainless steel. At the same time, STSS had made effort to improve ROE, profitability, operational efficiency of assets, as well as capital structure by continuously promoting cost reduction, product structure optimization and other effective measures.

In recent years, TISCO has insisted on independent innovation, dedicated to serve the country with robust industrial achievements, and achieved great success in product research and development and technological innovation. Facing the general trend of supply-side structural reform and industrial transformation and upgrading, TISCO is now insisting on innovation as the first driving force to lead the development of enterprises. By building an innovation platform of "production-study-research-application", TISCO has continuously developed many new products with high-tech and high added-value, such as duplex stainless steel, stainless steel for nuclear power, stainless steel foil and silicon steel for new energy vehicles. Those products have been widely used in major projects and high-tech fields like high-speed rail axles, sea-crossing bridges, petrochemical industry, nuclear power stations, Long March rockets and precision instruments. Since December 23, 2020 when TISCO joined China Baowu, a new chapter of development has been opened, giving the company impetus for transferring its role from catching up to leading forward.