Baowu Steel to invest in Yancheng high-quality steel project
2018-12-04 17:17:12 [Print]
Baosteel announced on December 3rd that its controlling shareholder China Baowu Steel Group signed a strategic cooperation agreement with Jiangsu government and others. According to the agreement, a scheme on industrial transferring and new base construciton of Meishan Iron and Steel will be formulated in accordance with the transformation and upgrading of the iron and steel industry along the Yangtze River and the layout adjustment plan in order to gradually move steel smelting capacities out of Nanjing before the end of 2028. In addition, Baowu Steel will construct a project which represents an annual production capacity of 20 million tons of high-quality steel in Binhai port industrial park of Yancheng city. In particular, the construction of the first phase project, which represents an annual production capacity of 8-10 million tons and has a total investment of RMB50 billion, will start in 2019 based on related plan. China Baowu will give priority to Baosteel in the construciotn of the project.
