Baosteel's 'second pioneering' project
By Richard Fu |
June 1, 2012, Friday
|
Print Edition
Print Edition
BAOSTEEL Group Corp sees the 69.68 billion yuan (US$11 billion) project in Zhanjiang in Guangdong Province as a "key battlefield" for the company's "second pioneering" when production starts in 2015.
Construction of the 10-million-ton-a-year steel project in the province started yesterday after final approval was secured from the National Development and Reform Commission last week, several years after it was first conceived.
"The Zhanjiang steel project will be a key battlefield for Baosteel's second pioneering work," the company said in a statement.
There have been renewed concerns the project may worsen the oversupply in China's steel industry though Guangdong will close 16.14 million tons of obsolete crude steel annual capacity as part of its deal with Baosteel for the Zhanjiang plant.
Baosteel Chairman Xu Lejiang said the project aims to supply south China and even Southeast Asia in the future.
Construction of the 10-million-ton-a-year steel project in the province started yesterday after final approval was secured from the National Development and Reform Commission last week, several years after it was first conceived.
"The Zhanjiang steel project will be a key battlefield for Baosteel's second pioneering work," the company said in a statement.
There have been renewed concerns the project may worsen the oversupply in China's steel industry though Guangdong will close 16.14 million tons of obsolete crude steel annual capacity as part of its deal with Baosteel for the Zhanjiang plant.
Baosteel Chairman Xu Lejiang said the project aims to supply south China and even Southeast Asia in the future.
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