|Tangshan to build new steel project
Tangshan, a major steel-producing city in North China's Hebei Province, will create a new steel conglomerate and relocate 8 million tons of annual production capacity to a site on the coast, the Xinhua News Agency reported on Tuesday.
The city, one of China's most polluted, will consolidate 10 local steel companies and invest 38 billion yuan ($5.54 billion) to build the new Tangshan Bohai Steel Project, Xinhua reported. The project will be sited 40 kilometers from the city's old steel district of Fengnan.
Tangshan will reduce total capacity by 3.55 million tons as part of the restructuring program, the latest move in an industry drive to shut down outdated plants and improve the environmental performance of its massive steel sector.