SteelOrbis Shanghai
General manager of Sinosteel India, Mr. Hongsen Wang, has declared that the company is planning to establish a steel mill in India with an annual capacity of three million mt. The relevant report is to be submitted to the India-based company of engineering consultants in May, while a Memorandum of Understanding is expected to be signed within the same month.
The first-stage investment for the project is reported to total $500 million, while the planned mill is expected to produce mainly long products. When the preparatory phase for the investment has been completed, Sinosteel will discuss detailed cooperation issues with Baosteel. Since India has a huge demand for finished steel, Sinosteel, which has long been an active participant in India's iron ore trading, considers that the country offers a good investment opportunity.
As one of the major Chinese steel import and export enterprises, Sinosteel Corporation is mainly engaged in importing and exporting iron ore and other kinds of raw materials. Sinosteel has 69 subsidiaries and branches, of which 49 are based in China with the remaining 20 located abroad. Core business revenues totaled RMB 61 billion ($7.9 billion) in 2006.