Jiangxi Province-based Chinese steelmaker Pingxiang Iron and Steel Co. (Pingxiang Steel) has announced that it will invest $9.90 million to build a service center in Hong Kong which will be focused on steel product sales and the import and export trade, and which is expected to develop the steelmaker's iron ore purchase business.
According to Pingxiang Steel, the service center is expected to take advantage of Hong Kong's convenient location for finance, trade and shipments, and thus help expand Pingxiang Steel's presence in the overseas market.