Chinese steelmaker Baowu Group has signed a strategic cooperation agreement with the government of Jiangsu Province, as announced by Baoshan Iron and Steel Co. (Baosteel) on November 30. According to the agreement, the iron and steel smelting processes of Baosteel subsidiary Meishan Iron and Steel Co. (Meishan Steel) in Nanjing city in Jiangsu will be moved out of the city by the end of 2028. Meanwhile, Baowu Group will construct a quality steel project with an annual capacity of 20.0 million mt in Yancheng city in Jiangsu. Construction work on the first stage of the project will start in 2019, with this stage to have a capacity of 8.0-10.0 million mt and to involve an investment of RMB 50 billion.