Steel-maker leads economic transformation of coal-rich province Shanxi

TAIYUAN — A leading stainless steel maker, Taiyuan Iron & Steel Group (TISCO), has said it exported over 1 million tons of stainless steel in 2017, up 20 percent year-on-year.

The company has been part of efforts in China's coal-rich Shanxi province to push for economic transformation.

Over 80 percent of Shanxi's exports are stainless steel and cell phones, said Li Guorong, an official with the provincial department of commerce.

TISCO produced 4.13 million tons of stainless steel in 2017, with a total revenue of 81 billion yuan ($12 billion). It is the best result in 10 years, the company said.

Duplex stainless steel produced by the company has been used for the Three Gorges project, the Hong Kong-Zhuhai-Macao Bridge and nuclear power plants in China.

"Promoting export is an important part of building a new economic system for Shanxi," Li said.

With a quarter of China's proven coal reserves, Shanxi has shut down coal mines to cut excess capacity and improve efficiency in the coal industry.

In the first three-quarters of 2017, Shanxi exported 16 million cell phones.