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Ground has been broken in Laizhou Industrial Park in Yantai in China's Shandong Province for the construction of Yaozhu Lingang Industrial and Technical Demonstration Base. The investor in the project is Shandong-based Chinese oxidized iron ore pellet producer Yaochang Group.
 
The planned Yaozhu Lingang industrial base will cover an area of 66.67 hectares. The project, with an estimated investment of RMB 1.6 billion ($253.97 million) in total, will be carried out in three phases. In the first phase, a 1 million mt iron ore dressing line and a 1.2 million mt iron ore pellet line will be constructed. The construction of the dressing line is expected to be completed by the end of this year, with a total investment of RMB 300 million ($47.62 million) and a construction period of six months. In the second phase, the company will build a direct reduced iron (DRI) facility with an annual production capacity of 500,000 mt. For the third phase, Yaochang Group will establish an integrated center engaging in the production of special steel and precision casting steel. Yaochang Group plans in the future to build an import iron ore distribution center at Laizhou port. Once overall construction is completed, the industrial base is expected to achieve an annual sales revenue of around RMB 6 billion ($952.38 million).