NEWSGD.COM
Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home > News Brief > Guangdong
Zhanjiang plans massive steel factory
Latest Updated by 2006-05-24 15:07:52
Related News
Beijing to stop producing iron, steel in 2010
Steel profits expected to decline
Baosteel joins bid for Guangdong bank
Regulators to make cuts in steel industry
Steel output on rebound
Guangdong News
Zhanjiang plans massive steel factory
Shell in talks over stake in Guangdong refinery
The 3rd PPRD Forum to open in June

Guangdong's Zhanjiang municipal government has signed an agreement with three steel firms about building one of the country's largest iron and steel plants, a newspaper has reported.

Shanghai-based Baosteel Group, its subsidiary Baosteel Co Ltd and Guangdong Shaoguan Iron and Steel Group are reported to have signed the agreement with the local authority in Guangzhou on Monday.

The Hong Kong-base Ta Kung Pao newspaper, quoting a reliable source, reported the news yesterday.

An official with Zhanjiang municipal government, who asked for anonymity, told China Daily that he had heard of the agreement.

Further confirmation of the deal came from an employee at Baosteel, who also refused to be identified.

No party involved in the deal has publicly disclosed details of the agreement, including the investment involved and the project's timescale.

According to the report in yesterday's Ta Kung Pao, the joint venture will have a registered capital of 20 billion yuan (US$2.5 billion); total investment of 140 billion yuan (US$17.5 billion); and an initial investment of 70 billion yuan (US$8.8 billion).

Initial production capacity will be 10 million tons of premium-quality steel plate annually for the automobile and consumer electronic industries.

The project will have an annual production capacity of 20 million tons when fully operational.

Guangdong's annual production capacity of iron and steel stands at 7 million tons at present, although its annual consumption is 28 million tons.

Earlier this year, Xie Qihua, president of Baosteel Group and Baosteel Co Ltd, told the media that the Zhanjiang project, if approved as scheduled, would have a production scale larger than Baosteel's headquarters in Shanghai.

The project is expected to make Baosteel the third largest iron and steel producer in the world in 2010. It is currently the sixth largest.

Editor: Yan

By: Zhan Lisheng and Ying Ping Source: China Daily Website
Previous:    Next:Shell in talks over stake in Guangdong refinery


Palm print wall for memory


Golden rest room to increase in value


[Group Photo]The Shenzhen Xiaomeisha Sea World


Fish and shrimp fry released


Boo Hoo over Chou-Hou love?
This site contains material from other media for content enrichment purpose only.
The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
   
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips