Baoshan Steel forming new unit to drive Yancheng project
Aug 01, 2019 16:30
Baoshan Iron & Steel Co (Baoshan Steel), the Shanghai-listed arm of Baowu Steel Group (Baowu), China’s top steelmaker, has decided to establish a new company to be based in coastal Yancheng city in East China’s Jiangsu province, to facilitate the building of its 20 million tonnes/year greenfield steelworks there, the company announced on July 30.
Literally translated, the English name of the new steel company is Baosteel Yancheng Iron & Steel Co and will be capitalized initially at Yuan 500 million ($72.6 million), with Baoshan Steel providing the funding from internal reserves. Yancheng Steel will engage in preliminary work for the construction of the new