Major Chinese steelmaker China Baowu Group announced on September 7 that it plans to sell two 40 mt electric arc furnaces, with an overall steelmaking capacity of 280,000 mt.
At the same time, Baoshan Iron and Steel Co., Ltd (Baosteel), the listed subsidiary of Baowu Group, has inked a memorandum of understanding (MOU) with Saudi Arabian Oil Company (Saudi Aramco), stating that it will set up a whole-process steel plate mill in Saudi Arabia.