Maanshan Steel wins approval for its project
According to recent news in the market, Chinese steel maker Maanshan Iron & Steel has been given an approval of its project worth Yuan 20.5 billion ($2.5 billion) by the National Development and Reform Commission (NDRC).
Maanshan's project covers establishment of
plate and roll products
production line with an annual
production capacity of 5 million tons in Anhui province. The products of the line will be used in cars and home appliance sectors.
The new plant, which will be operational in 2007, will be funded through bank loans and the company's internal sources.