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Baosteel鈥檚 Zhanjiang plant on schedule
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BAOSTEEL Group Corp’s 50 billion-yuan (US$8.04 billion) Zhanjiang project in southern China is on schedule despite concerns that an industry oversupply could cause delay.
The No. 1 blast furnace of the Zhanjiang plant in Guangdong Province is set to begin operation in October next year, while production of cold and hot-rolled steel products will start in 2016, the steel company said.
The 9 million-ton-a-year project was finally approved by the National Development and Reform Commission, China’s top planning agency, in 2012, several years after it was first proposed amid concerns it could worsen oversupply in China’s struggling steel industry.
“It’s indisputable that the steel industry is oversupplied,” said Sheng Genghong, general manager of Baosteel Zhanjiang Iron & Steel Co. “But the development of transport and advanced equipment manufacturing industries will create demand for more quality steel products, which are in short supply.”
Shanghai-based Baosteel has billed the Zhanjiang project as a “key battlefield” for its “second pioneering” — as the company seeks to cut 30 percent of its capacity in its hometown.
Guangdong has closed 11.65 million tons of obsolete crude steel annual capacity to accommodate Baosteel’s Zhanjiang facility. The plant will supply industries ranging from automobile, home appliance, shipbuilding to railway.
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