Baosteel solely invests in RMB0.5 bln to establish Yancheng Steel
2019-07-31 17:29:42 [Print]
On the evening of July 29, the board of directors of Baoshan Iron & Steel Co., Ltd. announced that it approved the Proposal on the Establishment of Yancheng Iron and Steel Co., Ltd. of Baosteel to establish Yancheng Iron and Steel Co., Ltd. (Yancheng Steel) with a registered capital of RMB0.5 bln (USD73 mln).
The announcement shows that the registered capital of RMB0.5 bln(USD73 mln) will be used for the preliminary work of the overall feasibility study, land survey and EIA of the project. In the follow-up, Baosteel will increase its capital or make other corresponding adjustments in the light of the feasibility study results of the project and after the approval of the company's board of directors. Since then, the planning of Baowu Yancheng base in China has become increasingly clear.
According to the information disclosed by China Baowu, Yancheng Steel will become the base of Baowu Green Quality Steel in China, and carry out one-time planning and phased implementation. It is planned to start the related work of phase I project construction in 2019.
The announcement shows that the registered capital of RMB0.5 bln(USD73 mln) will be used for the preliminary work of the overall feasibility study, land survey and EIA of the project. In the follow-up, Baosteel will increase its capital or make other corresponding adjustments in the light of the feasibility study results of the project and after the approval of the company's board of directors. Since then, the planning of Baowu Yancheng base in China has become increasingly clear.
According to the information disclosed by China Baowu, Yancheng Steel will become the base of Baowu Green Quality Steel in China, and carry out one-time planning and phased implementation. It is planned to start the related work of phase I project construction in 2019.
