Rizhao Iron and Steel of Shandong province, China, has signed an agreement with China’s CITIC Bank and Singapore-based Pacific Resources, a subsidiary of the CITIC Group, to construct a new steel plant.

 

The company will start steel production at the plant in Shandong in 2020, with a total capacity of 17mn mt.

Total investment in the project is RMB 33bn ($4.7bn), of which the CITIC Bank stake is a loan of $0.81bn.

 

In 2020, Rizhao steel will also purchase 880,000mt of pelletizing fine ores from CITIC Pacific Mining, via Pacific Resources, at a total value of $100mn.

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