JISCO invests in steel processing and distribution center in Hefei, Anhui

Gansu-based Chinese steelmaker Jiuquan Iron and Steel Group (JISCO) has announced that it has held a ceremony for the signing of the investment contract for the construction of its new steel processing and distribution center in Hefei in Anhui Province. Accordingly, JISCO will invest RMB 500 million ($81.6 million) in the center where it will process and sell cold rolled steel products, hot rolled steel products, galvanized steel and stainless steel. After the center starts operating, the annual output value is expected to reach RMB 300 million ($48.9 million). The new center is expected to help reduce the purchase costs for steel materials used in the home appliance and automobile sectors in Hefei.