It is reported that Shougang Group was offered credit worth CNY 100 billion by Agricultural Bank of China on December 28 and the signing ceremony was held on the same day between the two sides.

They inked a strategic cooperation agreement of the same day of last year. The agreement of this year is the extension of their cooperative relationship, especially in the critical period during which Shougang is focusing on structure adjustment and industry transformation.

Mysteel learnt that since 2005 when the central government approved the moving program of Shougang from Beijing to Caofeidian of Hebei Province, the blast furnaces located in Beijing Shijingshan have been gradually shut off. Before the end of this year, all production in this area will be stopped except a CR sheet plant.

(Sourced from www.Mysteel.net)
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