Hou Jun, president of Shandong Province-based Chinese steelmaker Shandong Iron and Steel Group Co., Ltd. (Shandong Steel Group), has stated that Shandong Steel Group registered an annual crude steel output of 29.42 million mt in 2022, up 4.2 percent year on year. As for the January-March period this year, Shandong Steel Group is expected to post an operating revenue of RMB 32.0 billion ($4.6 billion), while it is targeting an operating revenue of RMB 143.5 billion ($20.6 billion) for 2023.
Meanwhile, Shandong Steel Group plans to invest RMB 75.0 billion ($10.8 billion) together with China Baowu Group in constructing the second phase of the Rizhao steel production base, with an overall capacity of 11.5 million mt. In particular, the capacity of the first step of the second phase of the production base in question will amount to 3.6 million mt, with an investment of RMB 22.0 billion ($3.2 billion), which will start construction by the end of 2023.
$1 = RMB 6.9525