On March 1, ground was broken for a new steel service center named Zhongning Steel Logistics Park in Xinxiang Industrial Park in China's Henan Province, as reported by Henan Daily. The project is a joint investment by Shanghai Houguang Industries Co. and the chamber of commerce of Zhouning in Fujian Province.
The project, in which investment will total RMB 500 million ($79.37 million), will integrate production, processing, storage, logistics, trading, finance and services, forming a multi-function steel service center and the largest steel service center in the province. After the project is completed, it is expected to create an annual trading volume of RMB 12 billion ($1.9 billion). It is also expected to have an annual throughput of 3 million mt, with an anticipated annual pre-tax profit of RMB 120 million ($19 million).