Chongqing Iron and Steel has invested RMB15 billion jointly with the South Korea-based Pohang Iron and Steel (POSCO) in an iron making project.

The project has been submitted to China’s top economic planner, the National Development and Reform Commission (NDRC), for approval and is scheduled to start construction before June 2012.

The project is expected to produce 3Mt of iron, 3.145Mt of steel and 3.05Mt of steel products annually Its annual output value will reach RMB13.5 billion (US$ 2.38bn) with a projected RMB2bn of profits.

Source: China Metals e-mail