Tangshan & Shougang to build harbor for imports
Chinese steel producers Tangshan Iron & Steel and Shougang Group are reportedly planning to build a harbor for a planned steel mill to import iron ore. For the planned mill, an investment of Yuan 48.2 billion ($5.8 billion) will be made. The two companies will ship raw materials from Australia and other countries through the harbor. As previously reported by SteelOrbis, Tangshan Iron and Steel made a deal with BHP Billiton to supply iron ore for 25 years. The deal covers three other Chinese companies. Due to high demand and shortage of raw material, China's imports have recently risen significantly. For the planned port, Tangshan government, Tangshan Iron and Steel and Shougang will invest more than Yuan 1 billion ($120.8 million).