On December 24, Liaoning Province-based Chinese steel producer Lingyuan Iron & Steel Co., Ltd (Lingyuan Steel) announced that the Zhaoyang municipal government allocated a financial subsidy of RMB 792 million ($122.36 million) to the company.
In particular, RMB 240 million ($37.08 million) will be used to meet some of the company’s research and development expenditure, RMB 42 million ($6.49 million) will be used as subsidy for the transformation and industrialization of scientific and technological achievements, RMB 60 million ($9.27 million) will be used to reward for introducing foreign investment while RMB 450 million ($69.52 million) will be invested in the company’s electricity costs.