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Baosteel Adjusts Magnetic Material Business
12/30/2009 - Baosteel Development Co. makes internal adjustments to its magnetic material business sector to pursue greater development of Baosteel brand magnetic materials. Shanghai Baosteel Tiantong Magnetic Materials Co., Ltd. is renamed Shanghai Baosteel Magnetic Materials Co., Ltd., due to Zhejiang Tiantong’s decision to withdraw its share.
Baosteel Development Co. has recently made internal adjustments to its magnetic material business sector to pursue greater development of Baosteel brand magnetic materials. Shanghai Baosteel Tiantong Magnetic Materials Co., Ltd. has been renamed Shanghai Baosteel Magnetic Materials Co., Ltd., due to Zhejiang Tiantong’s decision to withdraw its share.
Established in 1997 by former Baosteel Enterprise Development Co., Zhejiang Tiantong Holding Co., Ltd., and Baoshan Yanghang Assets Operation Co., and operated by Baosteel independently, Baosteel Development's Shanghai Baosteel Tiantong Magnetic Materials is engaged in the disposal of solid wastes generated during the production of steel.
The company has now formed the capacity to produce 18,000 tonnes of soft ferrite powder and 3000 tonnes of magnetic core annually by deep processing iron oxide red. Its powder takes up 35% of domestic market share for such products, ranking first in China, according to Baosteel. The products are also exported to Europe, America, Japan, South Korea, and East Asian countries and regions.
Shanghai Baosteel Magnetic Materials will implement the brand strategy, forge the Baosteel brand for magnetic materials, and develop series products of soft ferrite materials with independent intellectual property rights. This development includes upgrading the soft ferrite materials from middle grade to top grade—from MnZn to NiZn—and possessing the capability to customize special materials.
