On November 21, the government of China’s Hubei Province held a signing ceremony for a framework agreement with several Chinese state-owned enterprises regarding planned project construction in the province, as reported by Chinese media sources.
Accordingly, in the coming years seven state-owned enterprises including Hubei-based Chinese steel producer Wuhan Iron and Steel Co. (WISCO) will invest a total of RMB 82.6 billion ($13.3 billion) in project construction in Hubei Province, in sectors including steel, energy, information, and others.
In particular, WISCO is to invest RMB 40 billion ($6.2 billion) in steel product development and technology upgrades in Hubei by 2015.