On March 20, Zhang Zuoli, mayor of the city of Shizuishan in
China's Ningxia Hui Autonomous Region of
China, held a meeting with Yuan Yongxing, former chairman of Jiangsu-based steelmaker Shente Iron and Steel, regarding a planned investment in the steel industry in the city, as reported by Chongqing Economic Times.
It is reported that Mr. Yuan and other business partners have decided to invest RMB 15 billion ($2.4 billion) in the steel industry in Shizuishan, with RMB 11.8 billion ($1.9 billion) to be invested in fixed assets. The annual output capacity of the planned steel production facility is expected to be 5 million mt of special steel. It is reported that an application has already been lodged with the industry and commerce bureau of Shizuishan for the name Ningxia Shenyin Special Steel Co., with a registered capital of RMB 500 million ($79 million).