After more than nine months since the closure of its Banshan steel production base, Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) established Zhejiang Environmental Protection Group Co., Ltd on October 10, as reported by Zhejiang Daily. Accordingly, Zhejiang Environmental Protection Group will focus on energy conservation and environmental protection and work on the transformation and upgrading of Hangzhou Steel.
At the end of 2015, Hangzhou Steel shut down its Zhejiang-based Banshan steel production base amid China’s plans to eliminate excess and outdated capacity. The closure of the Banshan steel production base resulted in the elimination of four million mt of annual steel output capacity at Hangzhou Steel.