Jiangsu Province-based Chinese steel producer Shagang which has already invested RMB 4 billion or so in Henan Province is to participate in the merger and regrouping of steel mills and coking enterprises in Henan Province. On January 28, Shagang chairman Shen Wenrong visited Henan Province and discussed the investment issue with Henan Province vice governor Shi Jichun and other authorities.
During the meeting, Mr. Shi explained the development situation of the relevant industries in Henan and also stated that they would provide the necessary conditions and services for Shagang's investment in Henan Province.
Shagang is the biggest privately-owned steel enterprise in China, with total assets of RMB 130 billion ($19.04 billion) and about 35,000 employees. In 2009 it ranked 35th among China's top 500 enterprises and first among the country's private sector enterprises.