Shagang, China's steelmaking giant, moves into shipbuilding

Shagang Group, China's largest private steelmaker, announced the creation of Jinsha Heavy Industry (Tianjin), a wholly owned subsidiary registered on October 8, 2026 with an initial capital of RMB 70 million (about USD 10 million). According to corporate filings cited by local media, the new company's stated business scope covers shipbuilding, ship design, repair and conversion, as well as offshore engineering equipment and marine components.

The company is headquartered in the Binhai New Area in Tianjin, but Shagang has not yet disclosed the acquisition of any shipyard, the construction of its own facilities, or any concrete newbuilding orders. The group, based in Jiangsu, is already a major supplier of steel plate to Chinese shipyards and holds interests in shipping, terminals and logistics linked to its steel business.

Shagang's move comes amid a period of strong expansion in China's shipbuilding industry. According to Clarksons data cited by Splash 247 and Financial Ports, Chinese shipyards captured 76% of newbuilding orders measured in cgt during the first nine months of 2026, compared with 15% for South Korea, and by late September controlled 68% of the global orderbook, against 17% for South Korea. Xinde Marine News added that, according to China's Ministry of Industry and Information Technology, Chinese shipyards booked 121.06 million deadweight tons in new orders during the first half of 2026, up 173.1% year-on-year, with a combined orderbook of 363.25 million dwt at the end of June, equivalent to 71.2% of the global total.

Xinde Marine News noted that Shagang is joining a broader trend of industrial groups from other sectors entering shipbuilding, drawn in by the current order cycle. It cited the case of Hengli, which originated in refining and petrochemicals and acquired the assets of the former STX Dalian in 2022; by the first half of 2026 it reported 207 new shipbuilding orders and 40 deliveries, in addition to a cooperation agreement with Mediterranean Shipping Company signed in August 2024. It also mentioned Dajin Heavy Industry, a manufacturer of offshore wind power equipment, which launched its first 40,000 dwt deck carrier in February 2026 and in April 2026 signed contracts for eight 210,000 dwt bulk carriers worth about USD 591 million.

According to the same outlet, Shagang already had links to the shipbuilding sector through its marine steel business, used in containerships, bulk carriers, LNG carriers and offshore production units. In December 2025 it signed a strategic cooperation agreement with CSSC Qingdao Beihai Shipbuilding, and in 2023 it supplied 115,000 tons of plate for a series of 24,000 TEU vessels built by Hudong-Zhonghua, including the MSC Gemma. The group also operates Jiangsu Shagang Logistics, with terminals in Zhangjiagang, and in June 2024 launched, together with Ningbo-Zhoushan Port and Brazilian miner Vale, an ore-blending project at the Zhongzhai terminal.