In the past two years, the iron and steel, coal and other industries have vigorously carried out structural reforms such as resolving excess production capacity, cracking down on steel strips, and converting debt to equity, and the company’s benefits have generally increased significantly.

Inspector Xia Nong of the National Development and Reform Commission’s Industry Coordination Department emphasized at the 2018 directorate (expansion) meeting of the China Iron and Steel Association (CISA) held on January 13 that “In 2018, steel and other industries will continue to consolidate the early period. The hard-won result of de-capacity, strict control of new production capacity violations; at the same time, we must resolve to further promote mergers and reorganizations and increase industrial concentration."

On January 5, the National Development and Reform Commission announced on the official website "Opinions on Further Promoting the Transformation and Upgrading of Coal Enterprises' M&A". It is explicitly proposed that “M&A and restructuring should be vigorously promoted among coal enterprises of different sizes and regions, different ownership systems, and different types of coal”, “support coal and electricity joint ventures,” and “support the merger and reorganization of coal companies with coal chemical or other related industries. ".

De-capacity boosts industry recovery

“If 2016 is the year of the start of decapacity work, and 2017 is an important year for the iron and steel and coal industries to actively implement supply-side structural reforms and vigorously push forward the de-capacity work, then in 2018, we should treat it as The year of deepening production capacity," concluded Summernon.

In 2016, the iron and steel industry effectively eliminated 65 million tons of obsolete production capacity. In 2017, on the basis of drastic productivity gains in the early days, the steel industry further intensified its efforts to resolve 50 million tons of backward production capacity and fulfilled its annual tasks in advance for two consecutive years.

In addition, “Gibbon Steel”, which has impacted the price and quality of the steel industry, was completely eliminated in 2017. According to the statistics of relevant agencies, in 2017, the total clean-up capacity of strip steel in the country was over 140 million tons.

“China has made great efforts and costs in order to achieve such a world-renowned achievement in decapacity work in the past two years.” Li Xinchuang, Director of China Metallurgical Industry Planning Institute pointed out to 21st Century Business Herald reporter that China The output of steel accounts for half of the world. China's initiative in carrying out capacity reduction not only eases the contradiction of overcapacity in China, but also makes an important contribution to the balance between supply and demand in the world steel industry.

Under the background that excess violating production capacity has been withdrawn from the market, the industry’s dominant production capacity has gained more space. The operating efficiency of iron and steel enterprises has generally improved. Many steel companies’ annual profits are expected to exceed the 10 billion mark.

According to statistics from the China Iron and Steel Association, member iron and steel companies accumulated sales revenue of 3.35 trillion yuan in the first 11 months of 2017, an increase of 35.05% year-on-year; total profit reached 157.8 billion yuan, an increase of 123.2 billion yuan over the same period of the previous year (an increase of 356 %).

The benefits of coal companies have also been significantly improved through capacity reduction. GF Industrial Coal Industry Researcher Deng Wei pointed out to 21st Century Business Herald reporter that the coal industry has achieved remarkable results in the past two years to remove capacity. “In 2016 and 2017, the coal industry has successively eliminated excess production capacity of 290 million tons and 150 million tons. Cumulative total production capacity exceeded 400 million tons, and the industry's overall prosperity has improved significantly."

According to data from the National Bureau of Statistics, from January to October 2017, the main business income of the coal mining and washing industry was 234.963 billion yuan, an increase of 32.9% year-on-year; total profit was 250.63 billion yuan, an increase of 628.8% year-on-year.

“Although there is still some distance in the 13th Five-Year Plan for the goal of coal production capacity of 800 million tons, the focus of structural reform on the supply side of the coal industry has shifted from total capacity reduction to capacity reduction.” Deng Wei told reporters Emphasize.

Xia Nong pointed out that the 2018 year is a year in which the iron and steel and coal mining industry will continue to increase production capacity. The relevant departments, provinces, regions and cities are currently studying and formulating the 2018 annual production target. This year we will further consolidate the hard-won productivity gains in the past two years. "Especially in the market environment where the steel price rebounds, we must guard against the recurrence of illegal new production capacity and ground steel at all levels. We must not be able to remove excessive production capacity while sidestepping new production capacity," emphasised Xia Nong.

This year or welcome the restructuring tide

In Li Xinchuang's view, steel production capacity has achieved substantial results, and state-owned steel companies have made great contributions to structural reforms on the supply side and actively promoted mergers and restructuring of the industry.

In June 2016, Baosteel Group and Wuhan Iron and Steel Group, among the three major steel enterprises, announced the new round of merger and reorganization of the steel industry through the announcement of listed companies. On December 1st of that year, the reorganization and setting up of Baowu was held in Shanghai, which also marked the official establishment of China’s largest and second largest global steel group, China Baowu Iron & Steel Group.

The iron and steel aircraft carrier with a total capacity of over 60 million tons and an asset scale of over 700 billion yuan has been actively implementing national supply-side structural reforms and capacity-relevant deployments in the past two years. In 2016 and 2017, it completed capacity-reduction tasks of 9.97 million tons and 5.45 million respectively. Ton.

"Baowu Steel's production capacity accounts for about 7% of the country's steel production capacity, while the scale of steel production to remove capacity accounts for more than 10% of total production capacity in the country. Baowu's level of capacity elimination is above average and contributes to China's capacity reduction. Baowu Chen Derong, general manager of the Group, summed up the results of Baowu's capacity reduction at the end of last year.

In 2017, Baowu’s Siyuanhe Industrial Fund and Chongqing Warranty Fund, a subsidiary of Chongqing State Assets, jointly participated in the reorganization of Chongqing Iron and Steel (*ST Heavy Steel). On the evening of January 2, *ST Chonggang issued an announcement. On December 29, 2017, the company received a "Civil Ruling" from Chongqing No. 1 Intermediate People's Court and ruled that the company's reorganization plan was completed.

Shagang’s reorganization of Dongbei Special Steel was seen as another typical case of merger and reorganization in the steel industry. In October 2016, Dongbei Special Steel entered the bankruptcy and reorganization process. In June last year, the Shagang Group's announcement of Shagang Group intentionally took part in the reorganization. On January 4th this year, Shagang announced the “Acquisition Report”. This not only means that the restructuring of Dongbei Special Steel will enter the final stage of implementation, but also means that the first private steel company in China will be reorganized to local large-scale state-owned enterprises. The case of steel companies will soon be successful.

On January 13, the chairman of Shagang Group, Shen Bin, revealed to the 21st Century Business Herald reporter that, due to the low utilization rate of related production lines of Dongbei Special Steel in the early stage of the reorganization process, the relevant special steels of Dalian Base will be available after the reorganization funds are in place. Production line capacity utilization and output will be improved. "(Dongte Special Steel)'s added value of special steel products there is still relatively high. There are also Dalian ports, and logistics costs are relatively low. The future market prospects are very impressive."

Xia Nong pointed out: "Although China's steel production accounts for more than half of the world's total, compared with some of the most powerful steel countries, China's iron and steel industry is not highly concentrated, and the dominant problem of large enterprises is still notorious. This situation has restricted China's steel companies in the international market. The competitiveness and the right to speak in the market."

“We must be determined to promote the merger and reorganization of the steel industry and cultivate large companies that have international influence and dominate the industry. Otherwise, big, but not strong, situations will exist.” Xia Nong said.

Chi Jingdong, deputy chairman of China Iron and Steel Association, revealed that the “Strategy and Path for the Transformation and Upgrading of the Iron and Steel Industry” drafted by the Steel Association will be announced in the near future. According to reports, according to the “13th Five-Year Plan” target of China's steel industry, the future 60%-70% of steel production will be concentrated in about 10 large-scale groups and several specialized steel groups.

Chi Jingdong suggested that accelerating the merger and reorganization of the steel industry can be divided into three steps. The first step is to reduce production capacity by 2018, clearing out the production capacity, and demonstrating the merger and reorganization of the next step. For example, the current merger and reorganization of Baosteel and Wuhan Iron and Steel; the second step is 2018-2020, to deepen the merger and reorganization of the relevant policies, through the promotion of mergers and reorganization, to further resolve the excess capacity; the third step is to promote the steel industry in 2020-2025 Mergers and acquisitions.

“To promote mergers and reorganizations, we must pay attention to understanding and grasping the timing. Second, we must establish a clearer corporate scale. Third, we must lead the reform of state-owned assets to lead mixed ownership reforms. Fourth, we must use financial capital in the process of strengthening and expanding core enterprises. The active role of the government is to play a dual role in the administrative and marketization of governments at all levels." Chi Jingdong stressed.

"Looking forward to 2018, the degree of concentration of the domestic steel industry is expected to continue to increase, which is undoubtedly a continuous positive for the steel industry. For iron and steel enterprises, in addition to capital and policy power, they should also actively use the power of new technologies. Helping enterprises transform and upgrade.” Wang Dong, founder and CEO of Steel.com, pointed out to the 21st Century Business Herald reporter on January 14.

For the coal industry, the reorganization and merger of Shenhua and Guodian was also a single case of coal and electricity industry that attracted much attention in 2017. On August 28 last year, the State-owned Assets Supervision and Administration Commission formally announced that, with the approval of the State Council, Shenhua Group and Guodian Group have merged and reorganized into the National Energy Investment Group Co., Ltd. (hereinafter referred to as the National Energy Investment Corporation). The combined state will invest in assets of over 1.8 trillion yuan and become the world's largest coal, thermal power generation, renewable energy power generation and coal oil, coal chemical companies.

On January 5, the National Development and Reform Commission announced on the official website "Opinions on Further Promoting the Transformation and Upgrading of Coal Enterprises' M&A". (Hereinafter referred to as “Opinions”), it is clearly proposed that “we must vigorously promote mergers and acquisitions among coal companies of different sizes, regions, ownerships, and types of coal”, “support coal and electricity joint ventures,” and “support coal companies. With the merger and reorganization of coal chemical industry or other related industrial enterprises, the average size of coal enterprises will be expanded and the industrial structure will be optimized. "At the end of 2020, we will strive to form a number of mega-tonne-sized coal groups with strong international competitiveness."

“The coal industry and the electric power industry both regard this event as a trend indicator for structural changes in the supply side of the coal and electricity industries. Mergers and reorganizations in the coal-electricity integration direction have always been considered by the industry as the best solution to the phenomenon of coal-fired bulls. The announcement of this new policy will benefit the redistribution of profits between the coal and power industries," said Deng Wei.

At present, China has 9 coal companies with output exceeding 100 million tons, and 15 companies with more than 50 million tons. There is still a gap from the planned targets. And now only three years have passed since the end of 2020, it is expected that the coal industry will accelerate the pace of mergers and reorganizations.

According to analysts like Deng Wei, in 2018, mergers, reorganizations and de-levering will become the focus of industry and capital markets.

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