History of Maanshan Steel
Just before its 2019 takeover by the China Baowu Group, Maanshan (also known as Masteel, or Magang) was the 16th largest steelmaker in the world with crude steel production of almost 20 million tonnes / year.
The timeline below covers the history of the firm.
- 1953: Maanshan Iron Mining Plant established February 1953.
- 1958: Maanshan Iron & Steel founded August 1958.
- 1965: Masteel produces its first monolithic train wheel.
- 1987: Commissions 0.4 mt / year high speed wire rod mill.
- 1993: Renamed as the Magang Holding Company.
- 1994: Ratified as Sino-foreign limited liability company.
- 1998: Rolls first H-beam in China on new 0.6mt/yr mill.
- 2001: Hot rolling thin strip line begins construction.
- 2002: Start of Masteel cold rolling thin strip project.
- 2003: First hot rolled coil successfully rolled in new HSM.
- 2004: First cold rolled coil successfully rolled in new CRM.
- 2004: Production commences of hot dip galvanised coil.
- 2006: Acquires Hefei Iron and Steel.
- 2010: Baosteel approaches Maanshan about potential merger.
- 2015: Closes Masteel (Hefei) Iron and Steel.
- 2016: Accused of spying by United States Steel.
- 2017: 10,000 employess laid off in Ma'anshan City.
- 2019: Ownership is transferred to China Baowu Steel.
- 2020: For further history, see Baowu Steel.
- The origins of the steel plant go back to the Maanshan Iron Mining Plant, which was established in 1953. Maanshan, based in Anhui Province, later also became known as Masteel (or Magang).
- 2006: Hefei became incorporated into the parent as Masteel (Hefei) Iron & Steel, but the steel plant was subsequently because of heavy pollution and general overcapacity. Hefei had been a producer of rebar and wire rod.
- 2010: Anhui provincial government response to Maanshan merger proposal was to announce industry development guidelines that nulliied this merger possibility.
- 2016: The United States International Trade Commission (ITC) launches probe into spying allegations. Maanshan Iron and Steel (together with other Chinese steelmakers including Wuhan I&S) is accused of stealing commercial secrets.
In this dispute, U.S. regulators alleged that Chinese competitors stole trade secrets from the United States Steel Corporation, and fixed prices.
- 2017: Across the country 1.8 million iron steel and coal workers were banished from the payroll in 2017 in one of biggest waves of redundancy since the late 1990s.
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