On July 29, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Co. (WISCO) held a ceremony to mark the start of construction of Jiangbei Industrial Park in Yangluo Economic Development Zone in the district of Xinzhou in Wuhan, as reported by local media sources.
The industrial park, covering 2,100 acres and being built with an investment of RMB 7.7 billion ($1.22 billion) by Wuhan Jiangbei Iron and Steel Co., a subsidiary of WISCO, is expected to attract the establishment of plants by enterprises involved in high value-added production in the steel industry. By 2015, the new industrial park is expected to have an annual steelmaking and supply capacity of 2 million mt and an annual output value of RMB 10 billion ($1.58 billion).