Ministry of Finance and State Administration of Taxation have comprehensively raised the tax rate of six types of mineral resources such as iron ore tin ore.The iron ore was levied at the rate of 60% originally, but now it is adjusted to be levied at 80%.

From February 24,2012, the central bank has cut the RMB deposit reserve ratio of the deposit-taking financial institutions by 0.5 percentage points.

Shandong Iron and Steel industrial restructuring pilot Program was released.By 2013,Shangdong Steel will complete the substantive restructuring of Rizhao Iron and  Steel, Qingdao Iron and Steel. The province will compress million tons of steel in 2015.

The meeting of the political bureau of the central committee of the communist party was held on Feb, 20th,which noted that this year our country will continue to implement the proactive fiscal policy and prudent monetary policy, appropriately pre-tune and fine-tune the rate according to the changing situation timely.

“12th Five-Year ” development plan of the new materials industry was issued by the  Ministry of Industry claimed that our country will format the production capacity with an annual output of 800 million tons high-quality steels in 2015.

The Ministry of Industry issued the "12th Five-Year Plan" of the industrial energy efficiency " which claimed that energy consumption per ton of China's iron and steel industry will strive to be down to 580 kg of standard coal in 2015.

Jiuquan Hongxing plan to raise funds that is not more than 8.5 billion yuan through the non-public issue of shares.And the Funds will be used for reconstructing projects and purchasing the Tianfeng Stainless Steel Co., Ltd.

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