China’s top steel maker China Baowu Group will launch a 20 million tonne high-class steel production project in a coastal city in eastern China. The new project will be located in Yancheng city in the manufacturing heartland of Jiangsu province. The first stage of the Yancheng project, with annual capacity of 8-10 million tonnes, will start construction from 2019 and is expected to be completed within three years. It will include ports, coking plants, power utilities, sintering, iron and steelmaking as well as steel-rolling plants. The company expects the first stage of the project to cost CNY 50 billion (USD 7.20 billion), which will be paid by its own cash and fund-raising
Once launched, Baowu will shut one of its plants in Nanjing city, the provincial capital of Jiangsu.
The move comes as the government relocates steel mills to the coast from cities to help reduce the impact of lung-damaging air pollution.
Source : REUTERS
Yaang Pipe Industry Co., Limited (www.yaang.com)