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Baosteel wins nod to build a US$11 billion plant
By Richard Fu |
May 25, 2012, Friday
|
Online Edition
Online Edition
CHINA has given the go-ahead for Baosteel Group Corp to build a US$11 billion steel plant in the southern port city of Zhanjiang, years after the project was first proposed.
The plant in Guangdong Provice will have an annual capacity of 9.2 million tons of iron, 10 million tons of steel and 9.38 million tons of steel products, according to a statement by the National Development and Reform Commission today. The agency is responsible for approving major projects in China.
The NDRC delayed approving the Zhanjiang project because of overcapacity in the steel industry. The Guangdong government will close 16.14 million tons of obsolete crude steel annual capacity elsewhere in the province as part of its agreement with Baosteel for the Zhanjiang project.
Baosteel is China's third-largest steel maker, producing 43.3 million tons of crude steel last year, after Hebei Iron & Steel Group and Anshan Iron & Steel Group. Baosteel was the country's largest until 2008.
China has been encouraging major steel mills to shift production capacity to coastal regions in order to cut logistics costs for raw materials like iron ore, for which China heavily relies on imports, and move operations out of town to improve air quality in urban areas.
Baosteel Chairman Xu Lejiang said earlier this month the company plans to reduce capacity in the home turf of Shanghai by 3 million tons within the decade.
The plant in Guangdong Provice will have an annual capacity of 9.2 million tons of iron, 10 million tons of steel and 9.38 million tons of steel products, according to a statement by the National Development and Reform Commission today. The agency is responsible for approving major projects in China.
The NDRC delayed approving the Zhanjiang project because of overcapacity in the steel industry. The Guangdong government will close 16.14 million tons of obsolete crude steel annual capacity elsewhere in the province as part of its agreement with Baosteel for the Zhanjiang project.
Baosteel is China's third-largest steel maker, producing 43.3 million tons of crude steel last year, after Hebei Iron & Steel Group and Anshan Iron & Steel Group. Baosteel was the country's largest until 2008.
China has been encouraging major steel mills to shift production capacity to coastal regions in order to cut logistics costs for raw materials like iron ore, for which China heavily relies on imports, and move operations out of town to improve air quality in urban areas.
Baosteel Chairman Xu Lejiang said earlier this month the company plans to reduce capacity in the home turf of Shanghai by 3 million tons within the decade.
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