Shougang to increase plate output on increases in demand

Shougang to increase plate output on increases in demand

Shougang Concord International Enterprises, a subsidiary of China's third largest steel producer, Beijing-based Shougang Group, has announced that it plans to increase its steel plate production capacity by 10-15% to 580'000 tons next year. Shougang stated that its decision to increase capacity is based on the increase in market demand which has resulted from the government's efforts to cool down the overheated steel industry. Moreover, Shougang Concord plans to invest roughly Yuan 10 million ($1.2 million) to improve the technology of its steel production facility, in which the utilization rate is currently 96%.