China’s Ministry of Environmental Protection has announced its disapproval of the equipment upgrading project of Liaoning Province-based Yingkou Medium-Heavy Plate Co., a subsidiary of Chinese metals and mineral trading company China Minmetals Corporation. The estimated investment cost of the project was RMB 3.05 billion ($481 million).
The main reason for the rejection of the project is that it was started without permission from China’s Ministry of Environmental Protection. However, industry insiders state that they expect the project will only be suspended, not cancelled.