China's Guangdong Wantai to invest $129 mln in steel plant in Kazakhstan's Zhambyl region

ASTANA. July 28 (Interfax) - China's Guangdong Wantai Supply Chain Co., Ltd., together with Taraz Industrial Enterprise, has begun construction of a steel plant in Taraz, the administrative center of the Zhambyl region in southern Kazakhstan, National Company Kazakh Invest said.

A groundbreaking ceremony was held Tuesday in Taraz.

"Investment in the metallurgical plant will amount to 61 billion tenge [$129 million at the current rate]," Guangdong Wantai Supply Chain Co., Ltd. director Zhou Qinhui was quoted as saying.

Once at full capacity, the plant will produce up to 1 million tonnes of metal products annually, including hot-rolled steel coils, stainless steel products, welded and galvanized pipes, profile tubes, fittings and other metal goods, the company said.

Guangdong Wantai Supply Chain Co., Ltd. is a Chinese company specializing in chrome ore mining and processing, ferroalloy and coke production, metal manufacturing, logistics and supply chain management. Its structure includes trading, logistics and procurement divisions, 18 ferrochrome smelting and processing plants, and a chrome ore mining facility. The company's ferrochrome production capacity reaches 1.2 million tonnes per year, making it one of China's largest producers of the alloy.