Jiangsu Province-based Chinese steelmaker Yonggang Group plans to invest RMB 2 billion ($301 million) during China's 12th five-year plan period (2011-15) to construct one of the largest steel logistics centers in China in order to meet its targeted steel production capacity target of 8 million mt.
Yonggang Group plans to construct the steel logistics center in question at Zhangjiagang port in Jiangsu Province through the reconstruction of existing ports at Zhangjiagang which have an annual throughput of over 10 million mt. The construction work, which will take place in three phases, will formally start in 2011 and will be completed in 2013.
Yonggang Group realized an operating revenue of RMB 120 million ($18 million) in 2010.