Hubei Province-based Chinese steelmaker Echeng Iron and Steel Co., Ltd, a subsidiary of China Baowu Group, has announced that it plans to invest RMB 2.14 billion ($0.3 billion) to build a new electric arc furnace (EAF) steel mill in Dangyang, Hubei Province, to produce 1.5 million mt of steel per year. Construction will start in May 2020, while production will be launched in April 2021.
The project will realize an annual output value of RMB 6.0 billion ($0.85 billion), and will hire 500 employees.
