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Chinese steelmaker Chongqing Iron and Steel Group (Chongqing Steel) has announced that its planned joint venture steelmaking project with South Korean steel giant Pohang Iron and Steel Co. (POSCO) has been approved by China's National Development and Reform Committee (NDRC). Accordingly, construction is planned to start by June this year.
 
Investment in the project is expected to total RMB 15 billion ($2.38 billion), while the targeted annual outputs are 3 million mt of pig iron, 3.145 million mt of crude steel and 3.05 million mt of finished steel. The project's annual output value is expected to reach RMB 13.5 billion ($2.14 billion), with an estimated net profit of RMB 2 billion ($317.4 million).