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Baosteel steel project in Zhanjiang temporarily abandoned voted to build a wholly-owned Baosteel

    Baosteel recently announced that a wholly-owned Baosteel Group, plans to invest in ways Baosteel Zhanjiang Steel Co. However, swing chain due to long construction period Zhanjiang project, capital investment, programs, Baosteel Zhanjiang project to give up this investment priority.

    Baosteel said that as the standard Zhanjiang steel project will take time, such as investment in construction by the company may realize benefits in the project before the diluted earnings, shareholders may also be affected. Therefore, comprehensive analysis of the pros and cons of the company, intends to give up this investment priority Zhanjiang steel project, Baosteel Group, agreed to by the Zhanjiang steel project investment, iron chain but keep the future acquisition of the right to choose the project.

    Baosteel Zhanjiang project construction will be based on the progress of the negotiation process and funded in phases, the first registered capital of 80 billion. Baosteel Group and the commitment to bid for future requirements such as Baosteel Group will be independent valuer to assess the price of assets based on a reasonable price will hold equity or assets of the Zhanjiang steel transferred to Baosteel.

    It is understood that Baosteel Zhanjiang project brewing for many years. Statistics show that since the second half of 2008, Baosteel Zhanjiang total land of about 12.58 square kilometers, involving demolition of more than 2600 households of villagers, Baosteel real money out of more than 10 billion yuan. Most of the relocation of the villagers live in the house relocation, and some asked the villagers were given their own placed Baosteel capital subsidy. Baosteel is so embarrassing, but has been requested in accordance with relevant state departments Zhanjiang project preliminary work so far has not received formal approval from the State Development and Reform Commission. Prior to the March 14, Baosteel Group and Zhanjiang Municipal People's Government signed a broad base of steel, iron and steel project in Zhanjiang environmental relocation agreement, the industry see this as the situation becomes clearer Zhanjiang project signals.

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Zhejiang Pujiang Shenli Chain Co.,Ltd.Professionally manufacture swing chain,iron chain.