Steelmaker to boost e-commerce business

Baosteel Group Corp will further diversify its shareholder structure to introduce investors and develop the company's e-commerce platform in response to its falling share value.

President He Wenbo said at a shareholders meeting that Baosteel will focus on its major steel business and accelerate its e-commerce and information technology units, the China Securities Journal reported on Monday.

The company was awarded the first online payment license for a company in China's industrial sector and entered the steel e-commerce business earlier than others.