International Economic and Trading Corporation, WISCO (hereinafter referred to as IETC) was established with the approval of Ministry of Foreign Trade and Economic Cooperation PRC (known as Ministry of Commerce now) on December 31, 1993. China Metallurgical Import and Export Corporation is the predecessor of IETC. At the end of 2004, Wuhan Iron and Steel (Group) Corp. was restructured and put into the new IETC.
IETC is located in Qinshan District, Wuhan City, Hubei Province. The registered capital is RMB 369.4 million. It mainly deals with and acts as an agent in importing and exporting all kinds of commodities and technologies; selling iron and steel products and their by-products, minerals, coal, alloy, metals, electric materials, wires and cables, building material, refractory, mechanical and electric equipment, apparatus and instruments, chemical product; making wholesale of compressed and liquefied gases, inflammable liquid and solid, spontaneous combustible articles, inflammable articles encountering of liquid, oxidizing agent, toxicant and corrosives; undertaking Chinese-foreign joint ventures and cooperative productions among the member enterprises under WISCO Group; contracting overseas projects and the domestic projects with foreign capital in this field; dispatching contract workers for professional projects, production and technical services; dealing with foreign consultation and technical exchange services and domestic trades related with IETC.
IETC started with technical and complete sets of equipment introduction services of WISCO¡¯s 1,700mm rolling mill project built in the late 70''s. Along with WISCO''''s growing, IETC has gradually carried on large amount of raw material and steel products import and export services. The overseas branches and the offices were set up in Germany, Japan and Hong Kong, and business relations and partnerships were established with multitudinous domestic and foreign merchants. IETC won 1st in trade volume in Hubei Province in the past several years. It has been awarded ¡°Prominent Contribution Prize for Foreign Trade and Export ", and " Advanced Export Unit" for many times in Wuhan and Hubei Province. Moreover, IETC had the honor to be in the list of the ¡°China Foreign Trade Top 200 ".
The primary mission of IETC is to cultivate powerful competitiveness of trade industry, form new economic growth point, and offer services for sustainable development of WISCO. IETC will, following the international trade practices, persisting in honesty and pursuing win-win operational concept, establish and develop extensive cooperation relations with international commercial sectors, industrial fields, scientific and technical circles, and financial community. Depending on the modern management technology, IETC will gradually foster its particular core competitiveness, further strengthen openness to the outside, offer high quality and reliable increment services and powerful strut for the society, for main steel business of WISCO and other field, and promote whole competitiveness of WISCO Group.
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