SteelOrbis Shanghai
As disclosed by the General Manager of Beijing-based Shougang Group, Shougang Jingtang Company in Caofeidian will commence production operations in March 2009. The first phase is designed to have a capacity of 4.85 million mt of steel and will later be gradually expanded to 10 million mt. This is Shougang's first official announcement of the date for the launch of production at the Caofeidian project.
Early in October 2008, Shougang Jingtang Company started to dry its No. 1 blast furnace and had planned to start production by the end of 2008. However, a delay was caused by the length of time required for the commissioning of the rolling systems, and also by the slump in steel prices.
Shougang Jingtang Company is a joint venture formed by Shougang and Hebei-based Tangshan Company, with a total investment of RMB 67.731 billion ($10 billion). Shougang holds 51 percent shares of the joint venture in question, while Tangsteel owns the remaining 49 percent.