JISCO Hongxing Steel receives subsidy from local government

On September 8, Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), announced that Gansu Provincial Finance Department has granted it a subsidy of RMB 136 million ($20.36 million) for a capacity reduction project. The subsidy in question will be used to relocate company workers affected by the capacity reduction.