Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Corp. (WISCO) has officially opened its first seaport, Wugan port, in Zhoushan in China's Zhejiang Province, as reported by local media.
WISCO contributed 51 percent of the total investment in the port project, with Ningbo Port Group and Zhejiang Herun Group respectively contributing 25 percent and 24 percent. The designed annual throughput capacity of Wugan port is 30 million mt, while it includes a 250,000 mt berth for the unloading of iron ore. Construction work on the port commenced in June 2010. The new port is expected to help WISCO reduce its raw material costs.