China Baowu Steel Group Corporation Ltd. plans to build a steel mill in the Chinese province of Hubei for 2.14 billion yuan, state-run China Metallurgical News reported Sept. 17.
The steel plant, which will have an annual capacity of 1.5 million tonnes, is expected to start production in April 2021, according to the report.
The construction of the facility, which will be located at the Shuanglian Industrial Park in the Dangyang Economic Development Zone, will start in May 2020. The project will create 500 jobs, the report added.
As of Sept. 17, US$1 was equivalent to 7.09 Chinese yuan.
