Sinosteel To Build Chinese Scrap Metal Facility

Sinosteel Corp, China's largest iron ore trader, has announced it will invest 8.4 billion yuan (US$1.2 billion) to build a scrap metal processing base in Shenyang, within the Liaoning province of China, according to a report from China Knowledge.

Ge Haijun, secretary of Shenyang inshore economic zone's management committee, says that the paperwork for Sinosteel’s new base has been completed and that the base is now under construction.

Reportedly, the new plant will have an annual scrap steel processing volume of 1.5 million metric tons, an annual iron ore processing capacity of 20 million tons and an annual oxidized pellet production capacity of 5 million tons. The company adds that it will be able to process 500,000 junk cars per year.