Hubei Province-based Chinese steel producer Wuhan Iron and Steel Company (WISCO) announced on February 24 that the preparatory work for its 10 million mt capacity steel project at Fangcheng Port is proceeding according to plan.
An insider at WISCO stated that everything is now ready for the start of construction work on the main plant at Fangcheng Port.
The Fangcheng Port project has received loans from China's National Development Bank (NDB). On December 2009, NDB signed a developmental financial cooperation agreement worth RMB 80 billion ($11.72 billion) with WISCO, supporting its Fangcheng Port project and overseas resources development.