Speaking in Shanghai on March 6, He Wenbo, deputy to China's National People's Congress and general manager of Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel), said that Baosteel's research and development department will be based at the company's Shanghai facilities, while an annual capacity of 16 million mt of steel plate for application in light automotive vehicles is to be maintained in Shanghai.
According to Baosteel's capacity relocation plan, annual steel production capacity at its Shanghai base will decrease by 6.6 million mt, while Baosteel will also move some capacities from its Guangzhou plants to its Zhanjiang project in Guangdong.
In addition, Mr. He remarked that Baosteel is still planning an overseas listing, possibly in Hong Kong.