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Wuhan Iron and Steel Group, or Wugang in Hubei Province, reported US$506 million of foreign currency income in 2005 with 933,000 tons of steel export.

 

The company therefore topped all foreign traders in the central China province over the past year, said Sun Wendong, general manager of the group's International Trade Corporation, Friday.

 

In 2005, Wugang further expanded its market to Canada, Belgium, Australia, Zimbabwe and Hong Kong, while cementing trade relations with old partners in Japan, the Republic of Korea and Taiwan, said Sun.

 

Foreign trade is playing a bigger role in the company's business development following economic globalization, said Deng Qilin, general manager of the group.

 

To sharpen its competitive edge on international market, Wugang plans to set up holding companies, distribution centers and other facilities in Europe, America, Africa and Asia in 2006, said Deng.     

 

A recent report of the National Development and Reform Commission said China's steel output was estimated at 350 million tons in 2005, making up nearly one-third of the world's total.

 

It said China's iron and steel products were becoming competitive on the global market as exports surged to an estimated 20 million tons last year, compared with 6.21 million tons in 2000.

 

(Xinhua News Agency February 18, 2006)