Guangzhou Iron & Steel will increase crude steel capacity in 2003

Guangzhou Iron & Steel will increase crude steel capacity in 2003

Chinese steelmaker Guangzhou Iron & Steel is planning to increase its crude steel capacity by 25% to 2.5 million tons in 2003. The company will also raise its annual sales to Yuan 15 billion this year, up by 12% compared to previous year. In additon, the company intends to construct integrated steel mills with 10 million tons of annual capacity. Company officials stated that the new integrated steel mills project will enclose the relocation of Guangzhou Iron & Steel's current mill to Nansha Development Zone in Guangzhou. Zhujiang Steel Co. Ltd. which is owned by Guangzhou Iron & Steel, is going to produce 1 million tons of hot rolled coil in 2003 compared to 800'000 tons recorded in 2002.