Shagang sets up intl headquarters in Singapore

China's largest private steel company Jiangsu Shagang Group Co Ltd set up its international headquarters in Singapore to explore the overseas market, amid a slowdown in the industry.

The new headquarters will help to accelerate the internationalization process of the group, Gong Sheng, president of the company, said at the opening ceremony in Singapore, the National Business News reported.

Gong vowed to increase Shagang's steel exports to 20 percent of the company's total output, or 6 million metric tons.

The new headquarters in Singapore — an international financial center and leading commodities trading center — will allow Shagang to get close to the international market and access the latest information, an executive of the company was quoted by National Business News as saying.

In the first three quarters of 2012, Shagang made a loss of 443.9 million yuan, according to mysteel.com, an industry information website.