WISCO and Baosteel await approval for expansion programs

Monday, 16 August 2010 14:10:57 (GMT+2)

On August 13, Chinese steelmakers Wuhan Iron and Steel Co., Ltd (WISCO) and Baosteel Group have announced that their steelmaking programs in Guangxi Province, which were postponed last year, due to the overcapacity problem in this province have recently received approvals from China's National Development and Reform Commission (NDRC), and are now subject to the approval from China's State Council.

According to the report issued by the State Council on June 17, except for the steelmaking programs which have been green-lighted for the preparation works, all other programs aimed at steel capacity expansion will not to be approved until the end of 2011. For this reason, the abovementioned programs, whose preparation works have been already approved, are expected to be passed from the State Council.

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