The latest Fortune Global 500 list was unveiled on August 5. The Hunan Iron and Steel Group, a Hunan-based SOE, ranked 475th on the list with an operation revenue of 33.3448 billion USD. It has made the list for three consecutive years, and is the only Hunan-based enterprise being shortlisted.  

Focusing on its main business in 2023, the Hunan Iron and Steel Group has achieved a 7.2% year-on-year increase in revenue. The labor productivity in its main business—steel sector—leads the industry, reaching 1,680 tonnes per person yearly. Meanwhile, it has continuously advanced technological innovation to boost structural adjustment of product varieties to the medium- and high-level of the value chain. The proportion of the sales of its key high-efficiency products reached 63% in 2023, an increase of 3 percentage points year on year. It has developed 80 steel varieties as substitutes for imports.

In 2022, the group was shortlisted for the Fortune Global 500 for the first time with a revenue of 34.0612 billion USD, ranking 421st. In 2023, it made the list for the second time, with a revenue of 32.7227 billion USD.

The total revenue of the shortlisted enterprises amounted to about 41 trillion USD this year, accounting for one third of the global GDP. The threshold of the list grew from 3.09 billion USD to 3.21 billion USD.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Pang Yuehui

Chinese source: hunan.gov.cn