Baosteel Group and Handan Iron and Steel Group have signed a 50/50 joint-venture agreement to invest in a new 4.6 million tonnes/year greenfield steel plant project in Handan, Hebei province.

The steel plant will be named Hanbao Steel.

In 2006, Handan Steel produced 7.9 million tonnes of crude steel while Baosteel produced 22.5 million tonnes.

Sourced from International Mining Project News - www.im-mining.com