Hebei Iron and Steel Group (HBIS) signed an equity transfer agreement with the Xuan steel company to acquire 100pc equity in the Hegang Laoting plant, China Metallurgical News reported on April 27.
Hegang Laoting steel plant is based in Laoting city in Hebei province. Construction of this plant began in 2018 and will finish in Sept 2020.
Annual production capacity of the Laoting plant will be 7.32mn mt of pig iron and 7.4mn mt of steel.
Xuan Steel company is one of the subsidiaries of the Hebei Iron and Steel Group.