Search results

Compared with the fierce price competition in 1998, the well‐order price competition is witnessed in Chinese iron and steel industry now and the pricing behaviors of steel firms also follow the certain rules. Based on the methods of collecting the secondary data and interviewing, this paper examines the pricing behaviors of firms to explain the how Chinese steel firms make their pricing decisions and maintain the well‐order competitive relationship among them. The authors found out that (1) most Chinese steel companies adopt a kind of strategic perspective in their pricing decision making, in which understanding of the market trend and the close attention to their competitors are both important; (2) there obviously exists price leader and followers in Chinese iron and steel industry, and the relationship between price leader and followers is relatively stable and the factor behind this phenomenon is the existence of a kind of informal platform of communication among competitors, government and trade associations.

Expansion through mergers and acquisitions (M&As) continues to be a viable international strategy utilised by industrial firms. A striking feature of this is that global giant firms lead the M&A wave and generate an unimaginable impact on relatively small and weak firms across sectors and even nations. There seems to be a kind of ‘cascade effect’ between the industrial consolidations in these areas. A combined cascade model developed in this paper explains that, the power imbalance caused by the degree of consolidation of the players within a firm's value system determines the movement and direction of the ‘cascade effect’. With the existence of such effect, M&A will be a mutually interdependent, dynamic, reversible and endless process among industries.

This paper attempts to explore the interrelationships between the split-share structure reform and privatization processes in light of the interplay between the listing announcements of the non-traditional shares of the Chinese firms within the steel industry and market reaction to these listed shares, as well as to analyze the value gained by the firms due to the privatization processes.

The paper examines market reaction to the listing announcements of non-traditional shares as traditional shares by employing event-study methodology. To determine the success of privatization process and value creation to the firm, the paper utilizes multivariate analysis.

The exogenous factors emphasized in a topographical order, explicitly profitability, efficiency, and leverage, are related to the privatization processes and split-share structure reform that impact the market. The study supports that market reacts positively to the listing announcements of non-traditional shares. Being listed improves value to the firm.

The limitation of this study is the lack of data on country, industry, and firm factors; and this study merely relates to one specific industry and one country.

The paper fills a gap in the literature by articulating the impact of privatization and split-share structure reform on both market reaction and firm value. It focuses on the impact of a dynamic process rather than the impact of a static constituent on market reaction and firm value, as the previous studies have been concentrating on. The research shows that there is an accelerated privatization process of state-owned firms in Chinese steel industry and their integration in capital markets.

This paper aims to analyse available multimodal transport route variations for iron ore shipments from northwest Australia to northeast China, focusing on a major iron and steel manufacturer.

The research is focused on a case study and uses an established cost model as a framework, for the first time, in the context of heavy bulk cargo shipments. Field interviews and a questionnaire form the principal methods of primary data collection. The characteristics of bulk iron ore transport flow are analysed against traditional criteria and an appraisal of the transport infrastructure in north east China is made, considering both road and rail options, and various possible combinations for transport being evaluated. All factors affecting modal choice in the region are examined, including cargo volume, weight, and value, transport distance, transit time, transport costs and schedule reliability.

The volumes of iron ore moved are large, with a high weight‐to‐volume ratio, and shipments are regular. The research initially confirms that sea and rail transport combinations are the most appropriate for the movement of iron ore. However, where rail transport corridors are congested, provided that the transport distances are not too great, road haulage appears to be an effective substitute and the most competitive multimodal transport route, at least in the short to medium term, is found to be a rail‐sea‐road combination via Port Bayuquan in China.

The research focuses on the delivery of iron ore to one major steel manufacturer in northeast China; so findings may not be transferable to other companies or circumstances.

The paper first demonstrates that, for heavy, high volume cargoes concentration of flows on to one corridor, perhaps under the control of one service provider, maximises scale economies, but works against competition and route/mode choice. Second, it demonstrates that, for long haul shipments of iron ore, port variations and modal differences for inland transport yield only marginal differences in overall logistics costs.

An assessment of high volume/heavy/low value cargoes such as iron ore has not previously been undertaken using this cost model. This paper therefore provides an original analysis of such supply chains.

Presents, at some length, the story of the writer’s father, sharing the history and experiences of a generation who prospered in the Chinese laundry industry. Chronicles the introduction of the wholesale shirt laundry, presenting new innovations and ideas and branching out into new regulated businesses in other fields, showing how emerging problems were tackled and overcome. Cites that most of the information is from memory, observation, letters and manuals. Considers the development and changes in the industry from 1930 to 1970, looking also at the accompanying changes in standards of living.

There are certain differences in the production products of enterprises. What are the impacts of product differentiation on the iron and steel industry? Based on the macro background of CO₂ emission reduction, this paper aims to analyze the economic benefits and environmental changes of the iron and steel industry under the dual influence of CO₂ emission reduction policy and product differentiation policy.

Taking the basic data of iron and steel industry in six regions of China as an example, this paper constructed an extended two-stage dynamic game model to analyze the impact of product differentiation and carbon tax policy on the production, economic indicators and CO₂ emission levels for the overall industry and regional enterprises.

As the CO₂ emission reduction target increased, the unit carbon tax and total tax increased, whereas the macro-environmental losses, social welfare, consumer surplus and outputs decrease. Emission reduction pressures and other economic indicators showed obvious regional differences. Differentiated products promoted various indicators of enterprises and industries; higher degrees of product differentiation resulted in greater promoting effects on economic indicators.

This paper constructed multiple emission reduction and production backgrounds, and discusses the impact of the comprehensive implementation of these policies, which has been practically absent in previous studies. The results of this study are consistent with the current industrial policy for stable production and environmental protection, and also provides a reference for the formulation of detailed policies in the future.

The purpose of this paper is to estimate China's import‐demand function for steel products within the context of globalisation.

The research used the monthly data for the period 1996‐2004 and a cointegration procedure is applied in the estimation.

The results show that the price and income elasticities of China's import demand for steel are no different from those of other countries investigated by other researches. Specifically, the results of this study are consistent with the hypothesis that China's import of steel products is strongly correlated with its economic activities and the fluctuation of its real exchange rate.

The empirical results obtained are important both for government policy and for employment. On the one hand, the magnitude of imports may adversely affect employment in China's steel industry. On the other hand, any changes in China's domestic macroeconomic activity and its exchange rate will generate great uncertainty in the world steel market.

This paper may be the first of its kind to apply the cointegration technique in estimating China's import‐demand function for steel products. It is important, given China's dominant position as both the biggest producer and the biggest consumer of steel products.

The purpose of this paper is to evaluate the technical efficiency and productivity changes in the integrated steel plants in India over a period of five years.

Since this evaluation of integrated steel plants needs consideration of multiple input and output factors, data envelopment analysis (DEA) has been employed including bootstrapping (to account for statistical noise) to evaluate the relative efficiency of the steel manufacturing units. The efficiency and Malmquist productivity indices of a sample of ten integrated steel plants producing around 55 percent of the industry’s output were determined for the period 2008-2013. The results of these changes were further categorized according to the management control, route followed to produce crude steel, size and age of these steel plants, for gaining insights.

The study finds that private sector steel plants with larger capacity and which have adopted the latest and most modern technologies are more efficient and productive over the study period.

Public sector steel plants should therefore be provided with more autonomy and delegation of power and should be agiler in responding to market requirements as well as increasing their installed capacities to be competitive in technical efficiency and productivity as well as profitability in the long term to ensure sustainable achievements.

Productivity changes over time, both with respect to technological and efficiency changes, for the Indian integrated steel plants producing comparable products using DEA.