It is reported that Maanshan Steel Group has lately signed land use contract and project agreement with Feidong County government after half year investigation and consultation. And Magang Steel project has formally settled in Hefei Circular Economic Zone in middle October.

Magang plans to carry out the project in 2 stages

1. The first stage, with the total investment of CNY 5.4 billion is slated to break ground in building a 1.65 million tonnes per year CR sheet, a Section and a Steel Structure processing & distribution center, and a wire rod plant at the end of the year and complete by the middle of 2011.

2. The second stage which will cost over CNY 8 billion is poised to start construction prior to Jun.2012 and finish before Jun.2015. And affiliated projects will be erected in this stage.

As per report, annual production value is expected to reach CNY 40 to CNY 50 billion after the project launches full scale operation.

(Source: Hefei Evening News)