On September 26, Chongqing Province-based Chinese steel manufacturer Chongqing Iron and Steel Company Limited signed financing agreements with Harbin Bank and Sinosteel Equipment and Engineering Corporation Ltd. (Sinosteel MECC) for a total of RMB 3 billion which will be used to build a new plant in the Changshou area of Chongqing.
The new plant is expected to be commissioned in June 2011 with an annual output capacity of up to 6.5 million mt of steel and will constitute the largest domestic production base for shipbuilding steel.