China dismisses INI Steel project

China dismisses INI Steel project

South Korea's second-largest steel producer, INI Steel, announced that the Chinese government had rejected the company's proposal to build a steel plant in China. INI Steel planned to build a Won 140 billion ($136 million) plant that would have produced 800'000 tons of H-beams annually. However, Chinese officials rejected the project because of measures taken to curb infrastructure and raw material projects.