Hebei Province-based Chinese steelmaker Hebei Jingye Group Corporation has announced that construction work on the first phase of the 4 million mt capacity steel processing project of its subsidiary Hebei Wangye Trade Co. commenced on April 8.
The first phase will have an annual steel processing and distribution capacity of 2 million mt and is expected to achieve annual operating revenues of RMB 10.96 billion ($1.74 billion).
The project in question is a key part of Jingye Group's plan for China's 12th-five year plan period. The investment for the whole project totals RMB 2.087 billion ($331 million).