Jiangsu Province-based Chinese steel producer Xuzhou Bofeng Iron and Steel Co., Ltd. plans to sell one 500 cubic meter blast furnace to Guangxi Province-based Chinese steelmaker Guangxi Iron and Steel Group Ltd. The blast furnace has an annual capacity of 700,000 mt of molten iron.
According to local Chinese media, Xuzhou Bofeng Steel’s industrial real estate has been auctioned and so its outdated steel capacity will be eliminated. In China, the steel industry is achieving layout optimization, transformation and upgrading through the shutting down and elimination of outdated capacity.