The 2023 Fortune Global 500 list was announced on August 2. The Hunan Iron & Steel Group Co., Ltd. was shortlisted for second consecutive year, ranking 466th with a revenue of more than 32.7 billion USD. The provincial state-owned enterprise is the only Hunan-based company on this year's list.

Hunan Iron & Steel Group became a newcomer of the 2022 Fortune Global 500 list with a revenue of over 34 billion yuan, ranking 421st. It was also the first Hunan-based enterprise to make it onto that year's list.

Over the past year, the global situation has been turbulent, with the global economy facing downward pressure and the steel industry experiencing a cyclical decline. On this year's list, most Chinese steel enterprises, including Hunan Iron & Steel Group, have encountered a decline in their rankings.

However, in the ranking of the return on net assets among Chinese enterprises on the list, Hunan Iron & Steel Group has entered the top ten. A person in charge of the company said, "Although our steel output ranked ninth in China last year, our profit reached 15.03 billion yuan, standing at 2nd position nationwide.” 

In recent years, Hunan Iron & Steel Group has been continuously deepening its reforms, intensifying technological innovation, accelerating digital transformation, and adjusting its product structure towards high precision and sophistication. Currently, the sales proportion of key steel products has reached 62%. The labor productivity in the core steel businesses, including Xiangtan Iron & Steel Co., Ltd. and Liangyuan Iron & Steel Co., Ltd., has increased to 1,650 tons of steel per person, steadily moving towards high-quality development.

In this year's Fortune Global 500 list, Walmart held the top spot as the world's largest company for the tenth consecutive year. Chinese companies dominated this year's list with 142 entries. Among them, the State Grid Corporation of China held the highest ranking, securing the third position.

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

Translator: Xiao Juan

Chinese source: hunan.gov.cn