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Guangdong Iron & Steel Group to be formed before schedule

It is reported that Guangdong Iron & Steel Group, which is being consolidated at present, may be brought into existence ahead of schedule. As per reports, the group may be founded before August 2008 rather than previously expected by 2008 end.

Industry insider said "The timetable for the relocation of Guangzhou Steel has been nailed down and the move has started."

As per report, the group will register in Guangzhou on the basis of the large Zhanjiang steel project. Zhangjiang project is the largest ongoing steel project in the province. The first stage of the project is expected to produce 10 million tonnes of steel annually in virtue of total investment of CNY 69.6 billion. This stage only has surpassed all the existing steel mills.

In the meanwhile Guangdong Province will accelerate obsolete steel capacity elimination of over 10 million tonnes for the relocation of Guangzhou Steel. Provincial government has signed written commitments with local governments in Guangzhou, Shaoguan, Heyuan and so on as well as Shaoguan Steel on outdated steel capacity elimination in a bid to promote the construction of the 10 million tonnes steel project in Zhanjiang.

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