Henan Province-based Chinese steelmaker Anyang Iron and Steel Co. - a listed subsidiary of Anyang Steel Group - has approved an investment plan worth RMB 5.838 billion ($0.82 billion) to set up a steel company called Zhoukou Iron and Steel Co (Zhoukou Steel).
There will be six separate projects within the scope of the establishment of Zhoukou Steel, with a 15-month construction period, while the overall annual finished steel output will be 1.66 million mt. Investments worth RMB 2.61 billion ($0.37 billion) are expected to be completed within the current year.
In November 2017, Anyang Steel decided to eliminate part of its steel capacity located in Anyang and to set up a joint venture with the State-Owned Assets Supervision and Administration Commission of Zhoukou city in Henan to replace the eliminated capacity.
$1 = RMB 7.1167