Baosteel Group Corp, China's biggest and the world's sixth largest steelmaker, said it planed to build 10 scrap logistics bases in China with a total annual capacity of three million tons, according to a report from Shanghai Daily.
"Baosteel has a great appetite for scrap to meet production expansion, and most of the country's major steelmakers are seeking scrap," Yong Zhiqiang, a security analyst, was quoted as saying.
Xie Qihua, Baosteel's chairwoman, said earlier this year about its five-year development plan, saying that Baosteel should work on a target of 30 million tons' annual production.
Baosteel already has three such scrap bases in Taizhou, Jiashanand Ningbo in East China's Zhejiang Province with a yearly capacity of 400,000 tons.
At present, Baosteel can produce 20 million tons of steel products a year.
Baosteel will purchase, process and distribute the scrap through those bases for its subsidiaries including Baoshan Iron and Steel Co., the steelmaker will procure scrap from both home and abroad.Latest from Recycling Today
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