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Shagang becomes China's top private firm

(Chinadaily.com.cn)
Updated: 2009-08-20 23:09

Shagang group, China's largest private steel maker, topples the computer maker Lenovo to be the country's largest private enterprise in terms of 2008 revenues, the National Business Daily reported today.

Shagang's obtained the leading stage with an operating revenue of 145.22 billion yuan ($21.26 billion) in 2008, followed by PC maker Lenovo (114.56 billion yuan) and electronics retailer Suning (102.34 billion yuan),according to the All-China Federation of Industry & Commerce (ACFIC).

The Jiangsu-based Shagang is enlisted as the 444th in this year's Fortune 500.

It current annual production capacity is 22.3 million tons of iron, 27.2 million tons of steel, 23.9 million tons of rolled products and 1 million tons of stainless steel plates, it said on its website.

The ACFIC said operating revenues of China's top 500 private enterprises totaled 4.11 trillion yuan in 2008, or 8.22 billion yuan on average, up 15.69 percent year-on-year.