During the resumed Chinese Civil War, the Nationalists destroyed Angang's blast furnaces and other key facilities when they withdrew from Anshan in February 1948. [4] : 91
Early PRC
In 1951, the People's Republic of China and its Soviet advisors began the "Three Major Projects" of Angang, which included a Seamless-Pipe Factory, the Large Steel-Rolling Factory, and Blast Furnace No. 7. [4] : 135 In May 1951, the PRC and the Soviet Union agreed for Soviet design of the Angang factories. [4] : 135 The steel refinery was modified under the aid of Soviet Union as one of 156 important construction projects [ zh ] in the First Five-year plan of China.
As part of the early to mid-1950s trend towards centralizing control over SOEs, in January 1953, Angang became a central SOE under the Ministry of Heavy Industry. [4] : 169 In June 1956, it was placed within the responsibility of the Ministry of Metallurgical Industry. [4] : 169
In 1958, prompted by the political movement of the Great Leap Forward, workers at Angang laid out rules to challenge the existing operations of their workplace. [5] These ideas were reflected in the March 11, 1960, "Report of the Anshan City Committee Regarding the Beginning of the Movement for Technological Reform and Technological Revolution." [6] On March 22, 1960, the Central Committee of the Chinese Communist Party approved the document and distributed it to various governmental bodies. [6] Mao Zedong designated the document as the Angang Constitution [6] and stated that its principles should guide the operation of state enterprises. [5]
The Great Leap Forward significantly increased the power of Anshan's Party Committee over Angang and decreased the Ministry of Metallurgical Industry's authority over Angang. [4] : 239
During the Great Leap Forward, Angang implemented both high-tech and low-tech initiatives. [4] : 235 Angang made major investments to speed construction of 39 new advanced industrial facilities. [4] : 235 Angang introduced a slogan during the Great Leap Forward that "It is all right not to sleep. It is all right not to eat. But it is not all right to fail to complete plans for iron and steel." [4] : 234
In the early 1960s, Angang supported the construction of Vietnam's first modern steel enterprise, Thai Nguyen Iron and Steel Company. [4] : 248 It sent experts to the steelworks and trained hundreds of Vietnamese workers. When American attacks later damaged the facilities, Angang worked on the restoration, including through manufacturing essential equipment. [4] : 248
During the Cultural Revolution, on 17 August 1967, the Communist Party of China's central authorities issued the Resolution on the Anshan Question which criticized the CPC Angang Committee and the CPC Anshan City Committee members as capitalist roaders. [4] : 253 Three days later, the Anshan City Military Control Committee was established by the People's Liberation Army with Zhang Feng and Chen Shaokun as the Committee directors. [4] : 253 The Committee implemented military control over both Angang and Anshan. [4] : 253
On 10 May 1969, the State Council removed Angang from under the authority of the Ministry of Metallurgical Industry and instead placed it under the authority of the Liaoning Provincial Revolutionary Committee. [4] : 254 This approach to localizing control over a large-scale SOE was subsequently promoted as a model for other SOEs, with the government placing 2,400 more (including Daqing Oil Field and Changchun Auto Manufacturing) within provincial or local control in 1970. [4] : 255
On 24 July 1969, the Anshan Revolutionary Committee combined Angang and Anshan's operations, including combining the enterprise's housing and medical departments into the city's departments, among others. [4] : 254
In the early 1970s, Angang provided technological support to Romania and to Pakistan. [4] : 248
Through its targeting of cadres of in industrial enterprises and economic organs, the Criticize Lin, Criticize Confucius campaign created turmoil at Angang in July 1974. [4] : 260
On 15 October 1975, the CPC and the central government approved the reestablishment of both Angang and the CPC Anshan City Committee. [4] : 261 In November 1975, Anshan was re-established as an enterprise. [4] : 261
After Reform and Opening Up, like much of the industry in China's northeast, Angang began lagging in economic activity. [4] : 265–266 By the 1980s, Angang's industrial site had become overly dense and disorganized, with most new construction projects requiring the relocation of other projects. [4] : 272 In this period, relocation costs accounted for 40–50% of Angang's investment costs. [4] : 272
Beginning in 1988, Angang started to obtain foreign loans and World Bank loans in order to support its technological development, the importation of equipment, and environmental protection work. [4] : 270–271
In 1994, Angang was in poor financial condition. [4] : 282 Angang's leadership sought financial help from Zhu Rongji, who informed Angang's leadership that the government could not provide further funding and that the best solution was to issue stock to be sold on the Hong Kong stock market. [4] : 282 Angang's deficit made selling shares in the company not viable, and therefore it packaged its better assets and conducted a partial public offering. [4] : 282 In 1997, Angang placed its profitable factories within a new subsidiary, Angang New Steel Rolling Limited (ANSRL). [4] : 282 Less than half the shares in ANSRL were listed for sale, which allowed the subsidiary to remain majority owned by Angang. [4] : 282 The offering attracted little interest in the market, and the state-owned securities broker Everbright Securities purchased the unsold ANSRL shares. [4] : 282
In 1997, a subsidiary Angang Steel was incorporated and listed some of the assets of the group in the stock exchanges.
Responding to increasing domestic demand from industries like shipbuilding, in 1993 Angang completed a heavy plate plant which became the largest heavy plate plant in China at the time. [4] : 270
In 2010 Panzhihua Iron and Steel was merged into Anshan Iron & Steel Group Corporation.
In August 2021, Ansteel and Angang Group Corporation, began the process of merging and restructuring that will create the world's third-largest steelmaker. According to the deal, Angang will become a subsidiary of Ansteel. [7]
Angang is one of the major SOEs under the supervision of SASAC. [4] : 302
CN¥73.354 billion (2015)
