JISCO Hongxing Steel receives subsidy from local government

On November 25, Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), announced that it has received a subsidy of RMB 90.11 million ($13.04 million) from Gansu provincial authorities for a capacity reduction project. On September 8, JISCO Hongxing Steel had received a subsidy of RMB 136 million from Gansu provincial authorities, also for capacity reduction. In particular, the subsidies in question have been granted to relocate company workers affected by the capacity reduction in question.