SIEMENS NOT TO BUY INTO CHINESE STEEL COMPANIES IN SIGHT
AsiaInfo Services, January, 2006
AsiaInfo Services 01-23-2006 Siemens Not to Buy into Chinese Steel Companies in Sight WUHAN, Jan 23, 2006 (SinoCast via COMTEX) -- Siemens China is to cut into the Chinese iron and steel industry by providing industrial systems and technical services for local steel makers but not simply by buying stakes, the company clarified at a press conference in Wuhan. Siemens is pleased to see the Chinese government has successfully lowered the growth of the Chinese iron and steel industry to more reasonable around 8% from the previous approximately 40%, said Hans Werner Linne, a vice president for Siemens China region. At the moment, Siemens achieves revenues of more than CNY 7 billion from the Chinese market per year.
It expects to boost the annual sales to CNY 14...
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