On March 7, the authorities in the city of Lianyungang in the eastern Chinese province of Jiangsu announced the establishment of a new
steelmaking group, Jiangsu Coastal Steel Group, in the city. The newly-established group comprises subsidiaries Xinxing Steel, Binxin Special Steel, Hongtai Steel, Danyang Longjiang Steel and Wuxi Xinsanzhou Special Steel, and has total fixed assets worth more than RMB 20 billion. Besides steel, the business interests of Jiangsu Coastal Steel Group also include real estate,
trading, logistics and food.
Jiangsu Coastal Steel Group is to relocate its 7 million mt annual output capacity to the port area of Lianyungang city. In the port area, a steel production base will be established which is expected to have an annual output capacity of 20 million mt by the end of
China's 12th five-year plan period (2015) and an annual output capacity of 35 million mt by the end of the 13th five-year plan period (2020).