Rail wheels put Magang Group on fast track to future development

As China's iron and steel industry continues to struggle after years of overcapacity, Magang Group sees the manufacturing of train wheels as one of its strengths as the pace of railway construction accelerates.

Established in the 1950s and located in Ma'anshan, a city in Anhui province, the company, also known as Ma Steel, was the birthplace of the first train wheel production line in China in 1964. It enjoys about a 50 percent share of the Chinese rail wheel market and has assets of 88.6 billion yuan ($14.43 billion).

"In addition to overcapacity, homogenization of both business models and products is also a big problem facing the iron and steel industry," said Gao Haijian, president of Ma Steel.