Shagang Group, a private steel firm headquartered in Zhangjiagang, Jiangsu province, ranked ninth on the list of China's top 500 private companies for 2016, giving it the highest rank for a steel firm. The company has achieved total sales revenue of 205.84 billion yuan ($30.82 billion) in 2015, Zhangjiagang Daily reported.

Jinfeng-based Jiangsu Shagang Group was the only firm in Zhangjiagang that made the top ten. It is China's largest iron and steel manufacturer and is also a member of the Fortune 500.

According to Shagang Group, the firm produced 31.63 million tons of iron, 34.21 million tons of steel and 33.88 million tons of rolled metal products in 2015. Meanwhile, Shagang achieved success in foreign markets, with a total export volume of 6.88 million tons.

Despite the slump in the domestic steel market, which nowadays has high production costs and low market prices, Shagang Group has worked out a business strategy based on research into new technologies and development, putting priority on quality and efficiency. The firm takes full advantage of its scientific research platform, advanced equipment and regional logistics, in order to lower production costs and strengthen production power.

The All-China Federation of Industry and Commerce released its latest list of China's 500 largest private firms on Aug 25, with six companies from Zhangjiagang making the cut in 2016. The list featured more companies from Zhangjiagang than any other county-level city in Suzhou, highlighting the rapid growth of the area's economy. Twenty companies from Suzhou appeared in the top 500 for 2016.