On December 8, Chinese steelmaker Shandong Steel Group officially established the centers of its financial, purchasing, sales and production operations in Jinan, thus indicating further substantial progress made towards the integration of the group.
Founded on March 17, 2008, Shandong Steel Group, with a registered capital of RMB 10 billion ($1.46 billion) at the end of October this year, is the biggest enterprise in Shandong Province controlled by the provincial authorities. The group has an annual production capacity of 24 million mt of pig iron, 26 million mt of crude steel and 25 million mt of finished steel.