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China Steel Corp Chairman Encourages in Search of Blue Sea

Apr 27, 2020 | By CENS

The chairman of Sinosteel Wong Chao-tung believes that the epidemic triggered a global closure of the city and the country, which caused the industry to break the chain and reorganize after the chain is broken. This is a crisis and a turning point. The only way to use the "curvy overtaking" is to avoid the Red Sea market. In order to survive the epidemic, it is necessary to find a new blue ocean market.
Weng Chaodong said that this time the world is facing a major crisis. As the mainland slowly resumes work, but Europe and the United States have begun to close cities and lock the country, "the entire kinetic energy is gone!" Taking China Steel as an example, domestic sales orders in April this year have little impact, but foreign sales have Down by 20%, Italy is China Steel 's largest export market, and the European Union. Taiwan 's steel export market seems to be pressed with the “pause” button. The most important thing now is how to “shut down and restart!”

"I think this is a destructive challenge, but it is also an opportunity!" Weng Chaodong believes that companies can calm down to take stock of the company's strengths and weaknesses and think about "what can change?" Leading senior executives to promote consensus and then push.

Wong Chao-tung said that when the company is facing a crisis, it is longer than the gas, cash flow, professional management ability and crisis response ability. To this end, Sinosteel reduced production by 5 to 10%. The No. 2 blast furnace was originally overhauled in October. This year it was advanced to August repairs. In March, an industrial customer care group was established to collect customer problems and reflect them to the government. Sinosteel also changed its quarterly market to monthly market and adjusted prices every month. Sinosteel has never changed the quarterly market for more than 40 years since its establishment. In the face of a severe epidemic, "cannot change the external environment, then change yourself!"
Wong Chao-tung talked about the need to continue to develop new products in the future to drive the supply chain of Taiwan's electric vehicle industry. Sinosteel and Chenggong University cooperated to establish a "motor center" to prepare for the electric vehicle industry. After the electric vehicle is completed, there are also magnetic materials. Sinosteel hopes to transform, and encourages customers to upgrade, using this opportunity to "dispel retraining."

Military training
"Overtaking in corners is an opportunity to avoid danger and accelerate!" Wong Chao-tung believes that overtaking in corners is to examine himself and encourage customers to upgrade and transform. Sinosteel also needs to take advantage of the opportunity to train its troops. This year, Chinasteel's personnel is mobilized. Take advantage of opportunities to communicate with customers and employees, let young cadres gradually take over, and greet the next 50 years.

Wong Chao-tung appreciates the advanced deployment of TSMC. TSMC is planning to develop two nanometers. Sinosteel needs to develop innovative products to drive customers. After the global industrial chain is broken, it is necessary to think about how to reorganize. Just like cars become electric vehicles, auto parts need to be changed. , The engine is turned into a motor, the changes are very large, the entire supply chain must be changed. Faced with the test of the epidemic situation, whether it is a threat or an opportunity depends on the attitude towards the problem.


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