On April 27, MCC and China MCC held a video conference on economic performance analysis in the first quarter in 2020 and promoting the resumption of work and production. Guo Wenqing, general manager and deputy secretary of the Leading Party Members' Group of China Minmetals and chairman of MCC, attended the conference and delivered a speech; Zhang Zhaoxiang, member of the Leading Party Members' Group and vice general manager of China Minmetals, secretary of the Party Committee of MCC Group and China MCC, and general manager of MCC, made a summary speech; Zhang Mengxing, president of MCC and deputy secretary of the Party Committee of MCC Group and China MCC, made a work report on economic operation analysis in the first quarter in 2020. Relevant functional departments of China Minmetals were invited to attend the conference.

　　The conference held at a special time was of significance. It mainly focused on in-depth study and implementation of the spirit of General Secretary Xi Jinping's important speech on coordinating COVID-19 pandemic containment with economic and social development, as well as the spirit of the central enterprises' briefing on economic performance in the first quarter of this year. It also required to implement the request of “stabilizing the three fronts (operation, industry chains, enterprises), guaranteeing the four aspects (national economy and the people's livelihood, key projects, safety in production, and high-quality development) and strengthening the one core (Party building)”, notify the economic performance of MCC in the first quarter, and map out the plan for the next-step arrangement.

　　Guo Wenqing, first and foremost, fully applauded the outcomes made by MCC since the outbreak of COVID-19 pandemic from an overall strategic perspective. He stressed that in the tough battle against COVID-19, China Minmetals and MCC had implemented General Secretary Xi Jinping's instructions down to details with determined attitudes and impeccable measures, which followed by remarkable results. In the first quarter, in the context of a massive slip of major economic indicators in the majority of central enterprises because of the unprecedented negative impacts on production and management caused by COVID-19, the revenue of China Minmetals has realized year-on-year increase, with a profit level higher than the average profit level of the central enterprises, demonstrating the achievements of high-quality development in recent years; MCC has seen a trend-bucking surge of growth and its revenue, total profit, and retained profits hit a new high. Such achievements are hard-won and leave us valuable experience.

　　Focusing on the principal line of completing the annual target and tasks across the board, Guo Wenqing set a clear keynote and requirements on work and made a further deployment of priorities, indicating directions and paths for MCC to coordinate COVID-19 pandemic containment with production and management.

　　First of all, the outcome of a trend-bucking surge of growth in COVID-19 response reflects that MCC is an enterprise with accumulation and responsibility. Firstly, leading officials play the leading role in a harsh time. As early as January 23, the 29th day of the twelfth month of the lunar year, we urgently issued a "mobilization order" in a timely response to COVID-19 pandemic, and enterprises at all levels in Wuhan area answered to the call promptly; on January 26, the second day of the Chinese New Year, we held an emergency teleconference on COVID-19 pandemic containment, requiring leading officials to perform their extraordinary duties at the special time; on February 5, we held a dispatch meeting of production and management for overseas enterprises, aiming to deploy the COVID-19 pandemic containment and production and operation at abroad in advance; whereafter, 11 thematic meetings and three investigations were respectively carried out in light of the changing COVID-19 dynamics, which boosted officials and workers' confidence and pointed out the direction for COVID-19 pandemic containment and resumption of work and production. Secondly, central enterprises that serve as backbones can provide pivotal support at special times. In addition to the fight against COVID-19 pandemic, the vast number of officials and workers shoulder the responsibility of addressing urgent and dangerous tasks, making every effort in promoting work resumption and ensuring major projects' smooth operation, which embodies that they consider the national interest and the general situation and act with valiancy and selfless dedication, fully demonstrating the commitment of central enterprises. Thirdly, we should keep the current growth and capitalize on the role of a central enterprise as a cornerstone. The MCC has employed a calm response to the pandemic, implemented policies to where it is most lacking and kept coordinating the advancement of COVID-19 pandemic containment and production and management. We have bucked pressures with two-pronged efforts and made remarkable results in major business indicators. The resumption of work and production has realized speed and efficiency increase. Remarkable results have also been achieved in market development which still maintains a good momentum of sustained and stable growth. Fourthly, people in MCC firmly remain true to original aspirations and hold high the Party flag waving at the forefront of fighting COVID-19 pandemic. In this battle against the pandemic, more than 52,000 Party members from over 3,200 Party organizations in MCC have fought at the forefront as the main force against COVID-19 pandemic, and a number of advanced grass-roots Party organizations and outstanding communists have emerged. The superior leaders and all walks of life fully affirmed our team. Our positive publicities and reports during this period also intensively demonstrated MCC people's commitment to mission and responsibility. The MCC has made all these achievements because we keep standing firm by the leadership of the Party and rigidly executing General Secretary Xi Jinping's instructions; we unite as one under the guidance of the right strategies; we have developed and accumulated years of sustainable and steady operation; we always vigorously carry forward the earthy spirit of "working without delay or slack for a second".

　　Second of all, we should act with initiative and move forward with the pressure-bearing capacity to realize the annual goal at full stretch. The general principle of China Minmetals is to ensure that operational indicators maintain a middle and upper level among central enterprises while adhering to the unchanged goal of annual production and operation. In this regard, MCC must fully play its role as a "bellwether" and "cornerstone" to give strong support for the overall performance development of China Minmetals. The triumph of MCC leads to the triumph of China Minmetals; the stability of MCC leads to the stability of China Minmetals. Firstly, we must follow the development situation to further strengthen our determination and confidence in economic development. Accomplishing tasks entrusted by the Party and country means to achieve high economic indicators, practically endeavor to build the veritable and world-first national team of metallurgical construction, take on the responsibility of serving and protecting our country and ensuring the supply and security of national resources through the metal mining industry, and guarantee stable incomes and happy lives for hundreds of thousands of officials and workers. Secondly, we should keep working hard on COVID-19 pandemic containment with a focus on key aspects. We should adopt unrelenting and regular prevention and control measures at home based on down-to-earth practices; set up a shield against possible imported cases; take full advantage of national policies. Thirdly, we should stick to the red line and make ensuring stability a top priority while containing risks. First, we will focus on enhancing the risk management of financial capital. Taking cash as the dominated force can steady the economic fundamentals at difficult times; implementing special regulation can assure financial liquidity and safety; we will strengthen capital coordination and make good use of idle and existing resources; we will conduct a comprehensive review of financial capital risks and resolutely stick to the bottom line against risks. Second, we should keep a firm hold of orientation and security of investment. It is necessary to invest in projects in line with the manner of taking long-range responsibility for MCC's long-lived prosperity. Attempts to invest aimlessly and impulsively should never happen because we cannot be such sinners who leave future trouble for the development of the company. Third, we should pay high attention to the risks of safety in production. Bearing in mind our responsibility to the health and safety of people, resolute efforts should be taken to stem accidents in production. Fourthly, a number of measures should be taken to reduce costs and enhance efficiency while consolidating the foundation. Great efforts should be made to reduce controllable expenses which need to be ensured lower than that in the previous year. The proportion of cost expenses in operating income cannot be higher than that in the previous year, and we will strive to reduce controllable management expenses by 10% to ensure that every cent is used where it is needed most. We will continue to reinforce overall management in an effort to reduce financing costs.

　　Third of all, we should lose no time in making every bold endeavor to independently expand the market. In the face of a new round of market competition, we must foresee the opportunities for development after the pandemic is over and the main leaders of all subsidiary enterprises should take the lead to investigate the market and select suitable employees to blaze a trail in the market, to ensure all the original goals and tasks can be fulfilled as planned during the pandemic. We should further specify the area in which we have invested for the construction and put the emphasis on the Belt and Road countries; the construction projects in which subsidiary enterprises have invested and the engineering projects for which they have advanced money should be uniformly submitted to the Group for examination and approval. First, conduct detailed analyses and close inspections on projects before their access to the market. We should fully demonstrate the correctness of projects with first-hand information before allowing them to the market; we should eliminate risk points of projects, estimate their profits and grasp vulnerable points; we should strictly standardize the equity participation, investment, and operation of projects. Second, focus on the "four cores" for the pursuit of in-depth development and stabilize the stock. We should adhere to concentrating on core main business, core areas, core customers, and core projects, continue to improve market concentration and stabilize the existing stock market; we should carry out large-scale projects that are operated with marketing in the whole process. Third, promote the steady development of regional corporations and make them stronger to create increment. All regional corporations should further exploit the market, and make steadfast efforts to advance the localization and materialization of regional corporations to make them stronger and bigger in their respective regions as soon as possible.

　　Fourth, focus on key issues and strictly guarantee their implementation, and make great efforts for brand building. First, we should consolidate and strengthen the brand of the world's No.1 "national team of metallurgical construction". "The national team of metallurgical construction" is the most significant brand of MCC. The building of the national team of metallurgical construction is not only an upgrading process but also an opportunity for self-cognition and self-positioning again. As first-class design and construction is the prerequisite for first-class steel production, we, advancing at the forefront of the steel industry, should shoulder the new mission of leading and promoting the high-quality development of the steel industry in the new era. We should be clear about the positioning of "the national team of metallurgical construction" in this phase and speed up the organization of a research team for the implementation of such issues as the metallurgical equipment industry park, the productization of core technologies and the industrialization of core products, demonstration intelligent iron & steel and steel scrap solutions; we should stick to the innovation-driven development strategy and strive to be the leader and promoter of core technologies in the metallurgical industry; with the goal to become the world's No.1 in the industry, we should continuously enhance the absolute right to speak in the metallurgical market. Second, we should strengthen the building of the specialized brands of MCC. First, accelerate the improvement of our specialized brand building and cultivation abilities. we must work hard for both "the premiumization of featured projects" and "the specialization of outstanding services". The Group will support subsidiary enterprises by allocating superior resources in a centralized way to the featured projects characterized by joint development, self-support and self-operation to build quality projects, and incubate and cultivate featured project brands. Second, speed up the improvement of our specialized brand operation ability. We should accelerate the integration of specialized brand resources and cultivate a group of specialized companies with intensive resources and optimized assets in the fields of steel structure, water affairs, solid waste treatment & detection and theme parks. And the third is to strive to enhance the social influence of the MCC brands.

　　Fifth, employ or appoint people according to their merits, stimulate the vitality of the Group and unswervingly improve our leaders' qualifications. First, we should vigorously boost the optimization of the make-up of the executive personnel. We should optimize and strengthen the leading groups at all levels, especially the top leaders of enterprises at all levels; we should optimize the structure of the ages of leaders, improve the structure of the professions of leaders, and optimize the structure of the sources and experience of leaders. Second, we should push hard for the selection of young leaders. The leading groups should encourage the free airing of views of all employees and draw on the wisdom of all of them in the selection of young leaders, further the broadening of the channels for selection and give full play to the advantages of democratic centralism, to ensure that the system of democratic centralism can correctly and fully support the selection of young leaders and the virtuous and able can be actively recommended and that the career development and the growth of leaders are given top priority. Young leaders should aim to have great achievements in the future and think big rather than focus on short-term petty profits. They should strive to improve and prepare themselves through continuously handling difficulties and challenges for carrying on the work of the older leaders in the future. Third, we should vigorously promote communication among leaders. The Group will work to promote the regular communication among the main leaders of the subsidiary enterprises, the delegated chief accountant and the secretary of the committee for discipline inspection and communication among the leaders of different types of subsidiary enterprises, and advance communication among leaders in the deputy positions in an orderly way and the communication among leaders in the headquarters and in the subsidiary enterprises in an active way. Each subsidiary enterprise should also actively yet prudently promote communication among its own leaders. Fourth, we should greatly improve the qualifications of MCC leaders and continue to build the MCC leadership brand. We should make substantive efforts to improve the abilities of the top leaders to manage and lead the leading team. The leaders must maintain their leading orientations and improve themselves through undergoing hardships and challenges, and they cannot look emotionally unstable and be swayed by considerations of gain and loss; also, they should think and work and adjust standards for their conduct in the light of development and change.

　　Sixth, we should stick to the development of work practices and make continuous efforts to implement it as one of our top priorities. The reason why MCC people are so united and MCC is so competitive in the industry is that we have kept the development and improvement of leaders' work practices for years, through which we are now banded together like strands of a rope. It can be said that MCC has always marched forward with the pace of the times, and its requirements for the work practices of leaders are also fully in line with the requirements of General Secretary Xi Jinping in the new era. First, we must strictly implement the instructions and requirements of General Secretary Xi Jinping and make great efforts to address leaders' abuse of power for personal gain. We should carry out the special campaign for the management of overseas illegal business operations, the campaign for illegal investment & management and mixed-ownership reform, the campaign for illegal engineering subcontracts and materials purchasing, and the campaign for leaders' engagement in business and in the running of enterprises in violation of regulations. For issues related to business or enterprises operated by our leaders, leaders' spouses, leaders' children or their children' spouses, or business dealings between enterprises run by relatives of our leaders and other specific-related people with our own enterprise, the rectification work should be carried out in an all-round way. Second, we must make steadfast efforts to implement inspection of rectification results and the follow-up work. We must speed up the rectification of matters that need be finished before the end of this year, continuously promote the rectification of matters that need to be conducted in a long time, and cooperate seriously with China Minmetals for the rectification of matters that must be fulfilled based on the cooperation of China Minmetals and us. Third, we must keep our inner world clean and pure. Only when a person's inner world is clean, can he or she see the sunshine, can he or she have the strength to move forward and fulfill responsibilities and realize dreams. First, we must have high political morality. We should have a broad mind and think big. We should be willing to listen to different opinions and accept correct criticism. Whether someone tells on us to the leaders a level above us or someone tells on someone else to us, we should adopt a correct attitude towards the people and the matters. We should deal with the letters for investigation properly as we can learn much from them. Second, we must take the lead to enforce discipline and disciplinary systems. Third, we should set an example to show unity. Disunity is easy to be pierced broken like a piece of paper; disunity is also like a wall, and we can just come together after we tear it down. We should be a leader of action instead of a leader of words and not of deeds. Shouldering the responsibility with a conscience is the highest state for going on with business.

　　Zhang Zhaoxiang made a summary speech at the conference. According to him, the important speech of Chairman Guo Wenqing pointed out the general principle and general requirements for our work in the next step, which are also the starting point and objectives of our work. In accordance with the spirit of Chairman Guo Wenqing's speech, we all should face up to difficulties with firmer confidence and greater effort and take the initiative to do everything possible to expand the market. We should strictly control risks for steady development, vigorously strengthen the building of brands such as the national team of metallurgical construction and unswervingly reinforce the development of leading groups and the development of work practices.

　　With regard to the implementation of the spirits of the conference, Zhang Zhaoxiang emphasized two points. First, pay adequate attention to the implementation of the spirits of the conference. After the conference, all the functional departments at the headquarters and all the branch & subsidiary companies should conscientiously study the spirits of the conference to truly understand them, then prepare for the overall planning of further development and take multiply measures for the implementations of the spirits. Second, make substantive efforts to be the "cornerstone" for steady growth. All the functional departments at the headquarters and all the branch & subsidiary companies should strengthen their political consciousness and be prepared to assume responsibilities in accordance with the requirements of Chairman Guo Wenqing. We should be problem-orientated, goal-oriented and result-oriented. We should seriously adopt measures to split up work and distribute different parts of work or work in different aspects to different people, especially the workers at the basic level, to implement the work. We should take the initiative to fulfill responsibilities with full energy in an efficient manner. We should go all out to advance the progress of work in all aspects and speed up the resumption of work and production, to achieve the targets and tasks for the whole year and make greater contributions to the winning of the battles of pandemic prevention and control and business operation.

　　Zhang Mengxing gave a briefing on the economic operation in the first quarter. He pointed out that under the strong leadership of China Minmetals and MCC, MCC people have carried out pandemic prevention and control and the resumption of production and work well at the same time. Fighting on the two battlefields at home and abroad alternately, MCC people have achieved the victories in this phase in the fight against the pandemic and in the resumption of work and production, with the production being advanced in an orderly manner to reach target output. With regard to several key tasks to which special attention need to be paid in current production and operation, Zhang Mengxing put forward six suggestions: first, we should highlight "change", which means further strengthening of the change-handling thinking habit and actively handling changes in the business environment; second, we should highlight "cost-saving", which means further enhancement of the cost-saving consciousness and being ready to live an austere life; third, we should highlight "seize", which means further intensification of high-end leadership and taking targeted measures to seize key markets; fourth, we should highlight "strictness", which means further strengthening of the awareness of risks and strictly preventing and controlling business risks; fifth, we should highlight "refinement", which means further refinement of relevant regulations to strengthen people's awareness of safety and ensure a safe and stable development environment; sixth, we should highlight "strategy", which means further strengthening of the opportunity awareness and taking strategies to seize the time to turn dangers into opportunities.

　　Members of the leading group of MCC, other senior executives, safety director and deputy chief engineer, deputy chief economist and others, the main responsible persons of the functional departments of the headquarters, and the main responsible persons of the subsidiary corporations in the MCC Tower attended the conference on the scene; members of the leading group of all branch and subsidiary corporations and relevant work leaders attended the conference in 43 branch venues for videoconferencing.

　　The video conference