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Baosteel Co., Ltd. would Set up with Sole Investment Baosteel Yancheng Iron & Steel Co., Ltd. [ 2019-08-06 ]

On July 29th, Baosteel Co., Ltd. (600019) published the announcement in disclosing that the Board of Directors had approved “the proposal on establishing Baosteel Yancheng Iron & Steel Co., Ltd.”, and would set up with sole investment Baosteel Yancheng Iron & Steel Co., Ltd. with registered capital of 500 million yuan.

 

Announcement mentioned, currently, earlier phase works of feasibility studies for overall project proposal, land survey, energy technical evaluation and environmental impact evaluation, etc. were carried out mainly, and capital increments or other corresponding adjustments would be conducted for Yancheng Iron & Steel Co., Ltd. in follow-up phases combining results of project feasibility research and after getting separate approval of the Board of Directors of the company.

 

On November 30th, 2018, China Baowu, together with the People’s Governments of Jiangsu Province, of Nanjing Municipality in Jiangsu Province, and of Yancheng Municipality in Jiangsu Province signed “strategic cooperation agreement”. To jointly push ahead industry relocation and transformed development in China Baowu Mei Steel areas, propel relocation of steel industry to seaside areas of Jiangsu Province, optimize industry structure and layout, and promote enterprise transformation and upgrading to realize high-quality development in accordance with plans for steel industry transformation, upgrading and layout adjustment along the Yangtze River in Jiangsu Province and Nanjing Municipality complying with principles of “overall planning, step-by-step implementation, industrial adjustments, and market orientation”; jointly push ahead construction and development in areas of advanced manufacturing industries, strategic emerging industries, modern service industries, green environment protection, circular economies, etc. to help propel industry layout optimization and transformation and upgrading in Jiangsu Province. Greatly forge ahead construction of China Baowu Yancheng green premium steel production base, and jointly arrange the construction of premium steel project in Binhai Port Industrial Park in Yancheng Municipality. Premium steel project was planned in one step and implemented in phases, and in 2019, it had already initiated relative works of phase one project construction.   

Source:Baosteel News Centre
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