Wang Yifang, president and general manager of Chinese steel producer Hebei Steel Group, has stated that in China's 12th five-year plan period (2011-15) the group will focus on expanding its range of business activities, instead of expanding its steel production.
Mr. Wang stated that Hebei Steel Group will expand in the financial and logistics industries during the given period. It will invest RMB 8.6 billion ($1.35 billion) to cultivate a modern logistics company with a targeted annual operating revenue of RMB 100 billion ($15.75 billion). Besides, it will also build up a financial company to be used as an overseas financing platform. Mr. Wang stated that Hebei Steel Group aims to achieve an overall annual operating revenue of RMB 140 billion ($22 billion) from its non-steel businesses by the end of 2015