The Development and Reform Commission of China's Gansu Province has announced that the recycling and structural adjustment project of Gansu-based Chinese steelmaker Jiuquan Iron and Steel Group (JISCO) has been approved by China's National Development and Reform Commission (NDRC).
The project mainly aims to increase production capacity and improve resource utilization through industrial structure optimization and increased recycling at JISCO's main facilities in Jiayuguan city in Gansu.
Total investment of the project in question will reach RMB 37.44 billion ($6 billion). The newly-added annual iron and steel output targeted by the project is 2.6 million mt. After completion of the project, the annual output capacity of JISCO's facilities in Jiayuguan is expected to reach 8.35 million mt of pig iron and 10.16 million mt of crude steel, including 2.56 million mt of stainless crude steel.