Shandong Steel

Shandong Iron and Steel Group Co Ltd (Chinese: 山东钢铁集团), commonly known as Shandong Steel, is a Chinese steel company based in Jinan. In 2009, it took a 67% stake in Rizhao Iron and Steel. SISG is controlled by the provincial government of Shandong. SISG was formed in March 2008 when the provincial government of Shandong merged two state-owned steel producers.

History

The State-owned Shandong Iron and Steel Group Co Ltd was created out of the restructuring of Jinan Iron and Steel Group Co and Laiwu Steel Group Corp – the sixth- and seventh-largest steel makers in the country – and Shandong Metallurgical Industry Corp. The three belong to the Shandong provincial state assets management commission.

Shandong Iron and Steel has a registered capital of 10 billion yuan ($1.4 billion) and is fully state-owned.

Under the provincial steel industry plan, the group has an annual output of 31.6 million tons. In 2007, Jinan produced 12.12 million tons of crude steel and Laiwu turned out 11.7 million tons.

Shandong

Shandong (Chinese: 山东), is a coastal province of the People's Republic of China, and is part of the East China region.

Shandong has played a major role in Chinese history from the beginning of Chinese civilization along the lower reaches of the Yellow River and served as a pivotal cultural and religious site for Taoism, Chinese Buddhism, and Confucianism. Shandong's Mount Tai is the most revered mountain of Taoism and one of the world's sites with the longest history of continuous religious worship. The Buddhist temples in the mountains to the south of the provincial capital of Jinan were once among the foremost Buddhist sites in China. The city of Qufu is the birthplace of Confucius, and was later established as the center of Confucianism.

Shandong's location at the intersection of ancient as well as modern north–south and east–west trading routes have helped to establish it as an economic center. After a period of political instability and economic hardship that began in the late 19th century, Shandong has emerged as one of the most populous (95,793,065 inhabitants at the 2010 Census) and most affluent provinces in the People's Republic of China with a GDP of CN¥5.942 trillion in 2014, or USD$967 billion, making it China's third wealthiest province.