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PrintIt is reported that Hongxing Iron&Steel Co, member of Jiuquan Iron &Steel Group of Gansu Province, plans to invest CNY 1.2 billion in building a blast furnace and a sintering system.
The project is slated to be in commission in two years with capacity of 1.45 million tonnes of molten iron and 2.84 million tonnes of sintered ore.
The steel maker said the company is reported to have steel making capacity of 6.1 million tonnes a year, while it can only yield 1.45 million tonnes of molten iron. This unmatched situation, coupled with the backward iron-smelting equipments, has pressed the maker to have to do something urgently to abate the pressure on iron smelting production.
As Hongxing stated, this investment is mainly from its own fund and bank credit, which is predicted to be returned within about seven years.
(Source: www.caijing.com.cn)
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