Baowu Magang to invest 8,457 million yuan in new special steel project construction
2021-11-15 17:26:49 [Print]
On November 13, 2021, Magang (Group) Holding Co., Ltd. issued a board resolution. The announcement said that Magang held a board meeting on November 12 in the form of written resolution, at which the new special steel project and investment estimate were approved.
The project would eliminate four 60-ton converters of Magang and two 40-ton electric furnaces of Baosteel Special Steel (with a total crude steel capacity of 4 million tons per year), and construct two 150-ton converters (with a total crude steel capacity of 3.2 million tons per year) in accordance with 1.25:1 reduction replacement.
The construction of the project involves steelmaking engineering, continuous casting engineering, steel rolling engineering, red line internal auxiliary, external auxiliary and inspection and testing facilities, and the construction investment is about RMB8,457 million (USD1,325 million) (excluding taxes).
The project would eliminate four 60-ton converters of Magang and two 40-ton electric furnaces of Baosteel Special Steel (with a total crude steel capacity of 4 million tons per year), and construct two 150-ton converters (with a total crude steel capacity of 3.2 million tons per year) in accordance with 1.25:1 reduction replacement.
The construction of the project involves steelmaking engineering, continuous casting engineering, steel rolling engineering, red line internal auxiliary, external auxiliary and inspection and testing facilities, and the construction investment is about RMB8,457 million (USD1,325 million) (excluding taxes).
