May 30, 2011 |China Coal Times
Baosteel Group is to receive approval for constructing the 10 million tonnes per annum Zhanjiang steel base within 2011.
Mr He Wenbo chairman of Baosteel Limited said that the company formally inaugurated its Zhanjiang office earlier this week, and kicked off construction of a power plant and a raw material terminal simultaneously.
The Zhanjiang base in Guangdong, estimated at a total investment of 69.7 billion yuan, is initially funded by Baosteel, which is also looking for local partners.
Originally, Baosteel wanted to set up the project based on Guangdong Steel, which was regrouped from Shaoguan Steel and Guangzhou Steel in 2008 by Baosteel. Guangdong consumes 50 million tonnes per annum steel, with over 40 million tonnes imported from other regions.
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