China to build largest steel plant at $30 bn

BEIJING: China is building its largest steel plant with a capacity of 30 million tons by investing a whooping USD 30 billion.

The Venture, which will become operational in 50 months time, would be a joint venture between China's leading Wuhan Iron and Steel Group and the Guangxi regional administration's agency for the management of state assets.

The plant, according to Xinhua agency, is to be located along China's seaboard in southern Guangxi Zhuang Autonomous region.

The setting up of the steel plant is a part of major moves by China to reorganise its steel sector to make it more competitive.

The coastal plant will have an initial capacity of 10 million tons but will eventually rise to 30 million tons, the agency said.