Since the start of construction in May 2013, a total investment of RMB 5.018 billion ($825 million) has been completed in Chinese steelmaker Baosteel's Zhanjiang project, while in 2014 RMB 11.65 billion ($1.92 billion) is expected to be invested in the project, according to Chinese media sources. Construction of blast furnace, continuous casting, hot rolling and cold rolling facilities is currently being carried out within the scope of the project.
In May 2012, China's National Development and Reform Committee (NDRC) approved the project in question. Total investment in the project is expected to reach RMB 69.6 billion ($11.4 billion), while the facilities will have an annual steel output capacity of 10 million mt. Construction work on the project will be completed at the end of 2015, with commissioning due in 2016.