Jiangsu Province-based Chinese steelmaker
Shagang Group has announced that it plans to construct bonded warehouse facilities as well as shearing facilities in Jiulong Steel Logistics Park in Jiangsu.
Accordingly,
Shagang Group will invest RMB 400 million ($65.98 million) to construct bonded warehouse facilities with an annual storage capacity of 1.4 million mt, with construction due to start in June of the current year. Meanwhile, it will spend another RMB 700 million ($115.46 million) on 20 shearing lines for cutting hot rolled coil (
HRC) and cold rolled coil (
CRC), and 10 lines for shipbuilding plate preprocessing, metal processing and metal products packaging, with a total capacity of 6 million mt per year. In addition, it also will invest RMB 600 million ($98.97 million) to build a further four warehouses to store semi-finished steel and finished steel products. Construction work on the processing facilities and the four warehouses is expected to start in May this year.