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Showing posts with label Jiangsu Shagang Group. Show all posts
Showing posts with label Jiangsu Shagang Group. Show all posts

Chinese steelmaker Jiangsu Shagang to invest $2.25 billion for modernising steel mills in Henan province | Steel Industry News

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Chinese biggest private sector steel producer, Jiangsu Shagang Group disclosed that it will invest 14.8 billion yuan ($2.25 billion) in buying and modernizing steel mills in China’s central Henan province in a project to create a high-end steel manufacturing facility.

Led by Anyang Yongxing Special Steel Co Ltd, a unit of Jiangsu Shagang based in Henan, the project aims iron making capacity at 4.94 MTPA (million tonnes per annum) and steel making capacity at 5.5 MTPA when complete confirmed by a local media report.

In its report Jiangsu Shagang Group neither disclosed any completion date for its project nor potential acquisition targets by name, but said private mills in the Anyang city area would be involved. Anyang Yongxing currently has iron and steel producing capacity around 1.85 MTPA and 2.22 MTPA, respectively. 

Beijing has been promoting consolidation in its more than one-billion-tonne steel sector in an effort to enhance major producers’ competitiveness and knock out outdated production capacity. China’s Baowu Steel Group has completed multiple acquisitions and takeovers across the country during 2019-20.

China’s Jiangsu Shagang Group founded in 1996, manufactures and sells various steel products wide heavy plates, hot rolled strip coils, high speed wire rods, ribbed steel bars, and other products. Jiangsu Shagang Group markets its products throughout the world.

(Source: Reuters)