Inner Mongolia-based Chinese steel producer Baotou Iron and Steel Group (Baogang Group) has announced that a signing ceremony has taken place marking the start of construction of the first phase of Baogang Shourui Materials Technology Co., a new steel processing center to be based in the city of Erdos in Inner Mongolia.
Baogang Shourui Materials Technology Co. is a joint venture enterprise which will focus on shearing, processing and distribution of steel, established by Baogang Group, Beijing-based steelmaker Shougang Group and domestic car producer Chery Automobile Co. The total investment in the project will amount to RMB 263 million ($41.61million), with RMB 150 million ($23.71 million) expected to be invested in the first phase.