On October 9, Chinese steelmaker Chongqing Iron and Steel Company Group issued a statement denying rumors of its possible restructuring with Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Corporation Ltd (WISCO). Chongqing Steel indicated that it has not received any request for restructuring from any company.
Chongqing Steel spokesman Pan Xiangyu said the company is currently moving forward with its relocation project in accordance with national development strategy. The first phase of Chongqing Steel's new relocated facilities in Changshou, Chongqing with an annual capacity of over six million mt will put into production in June 2011, with Chongqing Iron and Steel expecting to become the largest shipbuilding steel production base in China by then.