Wang Zhongbing, the mayor of the city of Zhanjiang in the southern Chinese province of Guangdong, has stated that construction of the planned Zhanjiang steel project of major domestic steel producer Baosteel will start on May 28, while the steel facilities are expected to be commissioned within three years.
RMB 63.5 billion (10 billion $) is expected to be invested in the construction of the steel facilities. The planned annual production capacity is 10 million mt.