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Baosteel cuts executive pay

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-12-17 16:57

To prepare for the challenge of the global financial crisis, Baosteel, China's largest steel conglomerate is set to cut executive pay and suspend spending projects.

Employees were quoted by China Business News as saying that they were told "Baosteel is facing its worst crisis since the company's founding," and that executives "from the middle-level and above will receive only 60 percent of their previous pay packages."

Once the most profitable steel company in China, Baosteel have borne the brunt of adverse conditions in the global market. This year, Baosteel was faced with the compound effect of surging costs of raw materials and plummeting product demand.

Besides executive pay cuts, the Shanghai-based industrial giant has also suspended several spending projects, including several intended for technology upgrading.

At the same time, some employees fear that the executive pay cuts may spread to all staff and are expecting to receive smaller or no annual bonuses for 2008, China Business News reported.