China's Fujian Hengwang to build $1.75 bln metallurgical plant in Shymkent

ASTANA. May 23 (Interfax) - Akim (Head) of Shymkent Gabit Syzdykbekov and Chairman of the Board of Fujian Hengwang Investment Co., Ltd. Liu Yunmin signed a memorandum on the construction of a metallurgical plant with a capacity of 5 million tonnes per year, the press service of the city Akim reported.

"During the implementation of the project, the company will invest $1.75 billion in the city's economy and will create a thousand new jobs," the statement says.

The plant will be built at the Temir industrial zone in three stages over a five-year period.

Investors from Fujian Hengwang Investment Co., Ltd said that if the plant launch is successful, they intend to implement a number of other projects.

Fujian Hengwang Investment Co., Ltd is part of Jiangsu Coastal Steel Group Co., Ltd, which has extensive experience in steel production and international trading.