Zheng Renhao, municipal party secretary of Zhanjiang in Guangdong Province, has stated that Chinese steel producer Baosteel’s Zhanjiang Steel production base has achieved its designed annual output of more than 9 million mt of finished steel within less than two years since it began operations, while it expects to post a gross profit of RMB 2.0 billion ($0.3 billion) for the current year.
Following approval by China’s National Development and Reform Commission (NDRC), construction work began on Baosteel’s Zhanjiang Steel production base in May 2012, with a total investment of RMB 69.6 billion and a targeted annual finished steel output of 9.38 million mt.