Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that it plans to establish a new steel producer Baosteel Yancheng Iron and Steel Co., Ltd., which will be based in Yancheng, Jiangsu Province, with a registered capital of RMB 500 million ($72.6 million).
According to Baosteel, the registered capital will be used for the preliminary work, such as the overall feasibility study, land survey, and energy and environmental assessment. Subsequently, capital investment in Baosteel Yancheng Iron and Steel will be increased or adjusted based on the results of the feasibility study for the project and upon the approval of Baosteel’s board of directors.