Wang Yifang, president of Chinese steel giant Hebei Steel Group, has stated that in 2012 the group will not implement steel production capacity expansion projects, but will instead prioritize the development of its logistics business.
Mr Wang said coming towards 2015 the logistics revenues of the group are expected to account for 30 percent of its total revenues. He added that Hebei Steel Group plans to invest RMB 8.6 billion ($1.365 billion) in logistics parks at both Caofeidian and Huangye port, which will provide services including slitting, distributing and deep processing.