It is reported that Shanghai Baosteel International Economic and Trading Co a subsidiary of Shanghai based Chinese steel giant Baosteel Group has inked an agreement with the authorities in the district of Sanshui in the city of Foshan, in China Guangdong Province, regarding the construction of a new steel processing center expected to cost CNY 500 million which will supply the automotive and household appliance sectors.

The project which will be Baosteel biggest project in Foshan will consist of two phases with a planned overall annual steel processing capacity of 150,000 tonnes while its annual sales revenues are expected to be in the range of CNY 975 million to CNY 1.3 billion. Construction works on phase one of the projects will commence in 2012 with commissioning of phase one due to take place in January 2013.

(Sourced from Nanfang Daily)