Local firms make headway abroad

China's iron and steel enterprises are increasingly tapping overseas markets, especially countries and regions involved in the Belt and Road Initiative, for new growth opportunities.

As a pioneer in pursuing international capacity cooperation, Hebei-based HBIS Group Co Ltd, one of China's largest iron and steel manufacturers, has invested in more than 70 enterprises across the world, with combined overseas assets amounting to $7 billion, according to the company.

HBIS plans to build itself into a multinational steel behemoth with strong profits and a shining brand by the end of 2020, to compete in the global market.