WISCO to weed out 5-8 million tons backward steel production capacity
2011-03-03 09:11:04 【Print】
BEIJING (Asian Metal) 3 Mar 11 – Hubei Province-based Chinese steel producer Wuhan Iron & Steel Corporation (WISCO) announced this Tuesday that it aims to week out 5-8 million tons backward production capacity in 2011 and it plans to launch the Port of Fangcheng Project, where will be an iron and steel base.
With an annual crude steel production capacity of 40 million tons, WISCO ranks fourth in the worldwide steel industry and the annual production capacity in headquarter - Qingshan City is 18 million tons. However, in order to get the permission of Port of Fangcheng Project from the government, WISCO will weed out 5-8 million tons backward production capacity in Qingshan and Liuzhou Steel.
The project was approved in March 2008, and according to the plan, the first rolling line will put into production in the first half year of 2011 and the whole project will be completed in 2012.
Currently, preliminary work such as the dock, cofferdam and land has been finished and it is predicted that the freight will be saved by at least RMB200/t if the oversea iron ore is delivered to the Port of Fangcheng rather than to Qingshan.
With an annual crude steel production capacity of 40 million tons, WISCO ranks fourth in the worldwide steel industry and the annual production capacity in headquarter - Qingshan City is 18 million tons. However, in order to get the permission of Port of Fangcheng Project from the government, WISCO will weed out 5-8 million tons backward production capacity in Qingshan and Liuzhou Steel.
The project was approved in March 2008, and according to the plan, the first rolling line will put into production in the first half year of 2011 and the whole project will be completed in 2012.
Currently, preliminary work such as the dock, cofferdam and land has been finished and it is predicted that the freight will be saved by at least RMB200/t if the oversea iron ore is delivered to the Port of Fangcheng rather than to Qingshan.
