Beijing Shougang injects additional capital into coke unit
Shanghai. December 2. INTERFAX-CHINA - Beijing Shougang Co. Ltd., the Shenzhen Stock Exchange-listed subsidiary of state-owned Shoudu Iron and Steel Group (Shougang), announced on Dec. 2 that it has injected a further RMB 820 million ($120.11 million) into its wholly-owned subsidiary Guizhou Shougang Industrial Investment Co. Ltd. to fund the ongoing construction of a 2 million-ton coke project.
According to the announcement, RMB 319 million ($46.73 million) has already been invested into the coke facility in Guizhou Province. Construction started in January 2009 and is scheduled to take 2 years.
The coke project has a designed annual processing capacity of 4 million tons of coking coal and 200,000 tons of methanol, according to a previous Interfax report. Part of the coke produced will supply Shuicheng Iron and Steel Group, a nearby Shougang steel producing subsidiary.
-XH