On September 28, 2019, after five months of meetings, negotiations and follow-up communications, Tangneng Translation Company stood out among 10 competing peers with its unique translation solutions and rich translation track record, successfully winning the bid for Baosteel's engineering project translation services.
This marks Baosteel's first translation service tender in over 30 years, officially transitioning from the era of 500 in-house full-time translators to procuring external socialized services.
The current translation tender mainly covers Zhanjiang, Shanghai and Nanjing. However, over the next three years, bases in Yancheng, Qingshan and overseas locations may all have corresponding engineering translation needs.
In August 2016, Baosteel Group ranked 57th in the "2016 China's Top 500 Enterprises" list. The following month, Baosteel Group implemented a merger with Wuhan Iron and Steel Group, with Baosteel being renamed China Baowu Steel Group Corporation and Wuhan Iron and Steel becoming its wholly-owned subsidiary. The company focuses on steel as its main business, forming three major product series: carbon steel, stainless steel and special steel. With the addition of Maanshan Steel and Chongqing Steel through mergers, the currently world-second-ranked Baosteel Group will become world number one in the future.
On December 14, 2006, Standard & Poor's announced an upgrade of Baosteel Group and Baosteel shares' long-term credit rating from "BBB+" to "A-". This represents one of the highest long-term credit ratings among global steel enterprises, as well as one of the highest in China's manufacturing sector. Among global steel companies, only Baosteel and Korea's POSCO have achieved an "A-" rating.
This successful bid fully demonstrates Tangneng Translation Company's solid business capabilities and outstanding professional standards. Baosteel's relationship with its partners is one of weathering storms together through long-term cooperation, where problems are faced and resolved. Tangneng Translation will likewise make full preparations and go all out to provide high-quality language services for the construction and operation of Baosteel's engineering projects.
