Heilongjiang Province-based Chinese steelmaker Beiman Special Steel Co. (Beiman Special Steel) has inked a framework agreement with Beijing-based China Steel Union Science and Technology Co. (Beijing CSU) and China Steel Union Investment Co. (CSU Investment) regarding the construction of its iron ore pellet production project with a planned annual output of 400,000 mt, as announced by China's Xinhua News Agency.
Accordingly, Beijing CSU will provide technical support for the project, while CSU Investment will be in charge of organizing finance for the project. The new facility is expected to reduce Beiman Special Steel’s iron-making costs by more than RMB 200/mt ($32/mt).