A Chinese steel company begins construction of a 20 million ton high-grade steel plant in a coastal city in eastern China.
The move comes when the government relocates coastal steel mills from cities to help reduce air pollution.
The new project will be located in Yancheng City in the central region of Jiangsu Province. Following the launch, Baosteel will close one of its factories in Nanjing, the provincial capital of Jiangsu province.
The first phase of the Yancheng project, with an annual capacity of 8-10 million tons, will begin construction in 2019 and is expected to be completed within three years, Baoshan Iron & Steel Co (Baosteel) said in a statement.
It will include ports, coke plants, power plants, sintering, metallurgical production, and steel plants.
The company expects the first phase of the project to cost RMB 50 billion (US $ 7.20 billion), which will be paid for with its own funds and investment funds.
Baowu Group launches a project with a production capacity of 20 million tons per year
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Azovpromstal® 3 December 2018 г. 15:27 |
