The local government of Guangping County in China's Hebei Province has signed an agreement with Hebei-based Chinese steelmaker Wen'an Iron and Steel Co., a subsidiary of Hebei New Wu'an Iron and Steel Group, for the establishment of Wen'an Steel Market in Guangping, according to a report from the Hebei provincial government. Covering a site of 100 acres and with a total investment of RMB 100 million ($16 million), upon completion the project in question is expected to achieve an annual sales revenue of RMB 500 million ($80 millon) and an annual profit of RMB 5 million ($800,000).
Activities at Wen'an Steel Market will include processing, stocking, distribution, and provision of a trade and information platform, for steel products, including construction steel and structural steel.