On December 9, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Co. (WISCO) announced that it has concluded an investment agreement with the local government of the county of Huoqiu in China's Anhui Province.
Accordingly, the local government in Huoqiu will be responsible for helping WISCO to attract investment for the metallurgical industrial park project which is being constructed in the economic development zone of Huoqiu with an anticipated total investment of RMB 2 billion ($0.33 billion).
The first phase of the metallurgical park project has been under construction since March this year, with an investment of RMB 439 million ($72.3 million). So far, one production line has been completed in the foundry shop for wear-resistant materials. Construction work on the first phase is expected to be completed in October 2014.