China Will Build $30 Billion 30 Million Ton/Year Steel Plant In Guangxhi - AFP

[hatrack]

China has unveiled plans to build one of its largest steel plants at a cost of 30 billion dollars, state media reported Thursday.

The plant is to be located in Fangchenggang, a port city in Guangxi region in China's south, the Economic Information Daily said. It will require a total investment of 204.9 billion yuan (30 billion dollars), the report said. "The setup of the steel-making port base in Guangxi is expected to improve the efficiency of iron ore imports," Su Aik Lim, an analyst with Fitch Ratings in Beijing, told AFP.

It can reduce the transportation costs for steel products sold in China's central and western markets, given that the country's large steel makers now cluster in the north and east, he said.

The facility is the result of a joint venture between Wuhan Iron and Steel Group and the Guangxi regional administration's agency for the management of state assets, according to the paper.

EDIT

http://www.sinodaily.com/reports/China_unveils_plans_for_huge_steel_plant_report_999.html

[madrchsod]

1. expect our iron ore mines to be sold before jan 2009

[NickB79]

2. I have a feeling China will continue to grow no matter what now

If the government doesn't continue to improve the quality of life the average Chinese citizen now expects, things could get very ugly for those in power. So, the ruling party will continue on with an 8-10% economic growth rate per year no matter what it costs them. If that means spending billions on infrastructure and burning the cheapest, dirtiest fossil fuels available, so be it. That is, until the overshoot is complete and the collapse commences :scared:

[AlecBGreen]

3. typo

title should read Guangxi. Drop the extra H :)

My wife is from south central China. Go now and visit while its still clean (yes, CLEAN).

[Codeine]

4. Yay! More coal-powered industry

to fuck up our atmosphere. :mad: