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Hebei Steel Group officially established on June 20th 2008

According to Hebei Province's state owned asset supervision and administrative commission, Hebei Steel Group has officially established on Jun 30th marking birth of another 30 million tonnes grade steel company in China.

The new group has registered in Shijiazhuang with CNY 20 billion following a series of mergers and acquisitions like between Angang and Bengang, Baosteel with Guangzhou Steel, Shaoguan Steel, Wuhan Steel with Liuzhou Steel and incorporation of Shandong Steel Group in the recent period.

Hebei state owned asset supervision and administration commission invested CNY 50 million and transferred the state holdings in Tanggang and Handan Steel Group to the newly built group, and made them the two subsidiaries of Hebei Steel Group, which will take charge of development strategy, investment decision making, marketing, product research, capital operation and commodities purchase.

According to the report, Hebei Steel Group now boasts a capacity of more than 30 million tonnes per year. By the end of 2010, the annual steel output will further grow to 50 million tonnes per year while the placement moving toward Caofeidian, Jingtang port and Huanghua port.

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