Chongqing’s New North Zone, a modern industrial base and the economic growth core in the economic circle of Chongqing Municipality, has announced three Chinese steel giants will be setting up plants there — Baosteel, Wuhan Iron & Steel and Panzhihua Iron & Steel.
Baosteel has reportedly invested RMB 700 million to establish an auto steel structure processing facility, which is designed to have a capacity of 30,000 tons of rolled steel per year.
Wuhan Iron & Steel plans to invest RMB 100 million to build a process and distribution center in CNNZ with a capacity of processing 200,000 tons of steel per year.
Panzhihua Iron & Steel will set up a new auto steel production base with two of the world’s top 500 firms including the Japan-based Marubeni-Itochu Steel. The project, when completed, will turn over RMB 1.2 billion annually.