Chinese steelmaker Chongqing Iron and Steel Group has announced that its planned JV steelmaking project with South Korean steel giant Pohang Iron and Steel Company has been approved by China's National Development and Reform Committee.

Accordingly, construction is planned to start by June this year. Investment in the project is expected to total CNY 15 billion while the targeted annual outputs are 3 million tonnes of pig iron, 3.145 million tonnes of crude steel and 3.05 million tonnes of finished steel. The project's annual output value is expected to reach CNY 13.5 billion with an estimated net profit of CNY 2 billion.

(Sourced from Steel Orbis)
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