China's State Council has granted its official approval for two major steel projects being built in each case by a major domestic steelmaker, as announced by China's National Development and Reform Commission (NDRC)
The projects include the Fangchenggang steel project being built by major Chinese steelmaker WISCO in Guangxi Zhuang Autonomous Region. With a total investment of RMB 63.99 billion, its targeted annual output capacities include 8.5 million mt of pig iron, 9.2 million mt of crude steel, and 8.6 million mt of finished steel products.
The other project is Baosteel's Zhanjiang steel base project in Guangdong Province. With a total investment of RMB 69.68 billion, the targeted annual output capacities are 9.2 million mt of pig iron, 10 million mt of crude steel, and 9.38 million mt of finished steel products.