Xinjiang Province-based Chinese steelmaker Bayi Steel, part of Baosteel Group, is to invest RMB 10 billion ($1.46 billion) in building a new steel base with an annual capacity of three million mt of crude steel at Baicheng in the northwestern city of Akesu.
Akesu is an important resource area in Xinjiang Province, with rich mineral resources such as coal and iron ore, which are favorable for steel industry development. Bayi Steel, the leading mill in northwest China, is currently capable of reaching an annual output of seven million mt of crude steel.