At a recent press conference, Mr Ma Guoqiang GM of Chinese steel giant Baosteel Group stated that the group's Zhanjiang steel production project in Guangdong Province is still in its preparatory phase.

As to the rumor that Baosteel intends to acquire Inner Mongolia based steelmaker Baotou Steel, Mr Ma said that Baosteel is not considering the acquisition at the moment.

(Sourced from www.steelorbis.com)