Chinese state-owned company Sinosteel Group has lately commenced construction work on its strategic investment project for a scrap processing base in Shenyang, the capital of the northeastern Chinese province of Liaoning. Following a long period of research, Sinosteel Group has finally decided to invest RMB 8.4 billion ($1.23 billion) in setting up a scrap processing base in Shenyang.
Sinosteel Group posted sales revenues of RMB 155.2 billion ($22.73 billion) for 2009.