On September 15, Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co. Ltd signed agreements with six domestic and foreign financial institutions for a total of close to RMB 1 billion in loans.
The loans were mainly granted by HSBC, and also by other financial institutions. The company will be provided with a three-year loan, including $61.5 million and RMB 0.5 billion.
The capital will be used by Chongqing Steel to construct and develop a new steel mill. The facility in question is expected to be put into production in June 2011.