Accounting & Marketing

Contemporary Developments in Business and Management Steel Industry

Abstract

Patrick Sim MM*

Abstract The purpose of this report is to describe Baosteel Group Corporation, a Mainland Chinese organization that manufactures steel, and to address the impact of external and internal factors on the organization and its iron and steel industry. The study will further take into account the issues of changing competitive environment with regards to; strategic analysis of the theme influencing policies and decision making; evaluation of the effectiveness of the organization in the industry; demonstration in the form of recommending organizational improvements through strategic options that achieve the overall corporate objectives. Alas, due to the lack of thorough primary research, some of the secondary data provided are given by the Chinese authorities may lack precision and accuracy due to political sensitivities. It is also difficult to predict the real threats and opportunities with such indicators as China is still new to global trade, and any responses are limited and inexperienced. Any suggested analysis would be outdated as the changing legal and business environment is dynamic, and failure to uphold the latest practices towards these frameworks would be detrimental. With compelling unpredictable forces from overseas competitors that have consolidated their business, formed alliances and mergers, Baosteel should nonetheless adopt and evaluate key success factors and realistic strategies such as; good leadership, willingness to change, integrative expansive roles; environmental sustainability; advanced technologies, incentivised welfare for employees, to maintain its effectiveness to the regional and global responses. All strategic efforts will be made to ensure that Baosteel, focused on its diversification and differentiation strategies, keeps developing along the lines of scientific development, new industrialization mode and sustained long-term growth and greater benefits for the shareholders, the customers, the employees, the suppliers and the community.