117 years ago today, February 12, 1908 (January 11, 1908 in the lunar calendar), China's first steel complex. In February 1908, Sheng Xuanhuai merged Dayeshan Iron Works, Hanyang Iron Works, and Pingxiang Coal Mine to form China's first steel complex-Hanyeping Coal, Iron and Mining Company. The Hanyang Iron Factory, the main body of the company, was founded in 1889. Zhang Zhidong was responsible for the preparation of the factory. It cost a lot of money, but it suffered losses year after year after it was put into operation. By 1896, it was forced to change to an "official supervision and commercial office", with Sheng Xuanhuai offering a share of 1 million taels to take over. In order to save money, Sheng Xuanhuai raised another 1 million taels and opened the Pingxiang Coal Mine in 1898 to supply fuel to the Hanyang Iron Factory. After the establishment of Hanyeping Company, Sheng Xuanhuai brought in relatives and friends on a large scale. The company engaged in malpractices and embezzlement. He had to use the company's property and Daye ore as collateral and borrow money from foreign countries for years to barely maintain its operations.