Guangxi to build massive steel plant

China announced plans to build a US$30 billion steel plant, one of its largest, in Fangchenggang, a port city in the Guangxi autonomous region, AFP reported. The plant, expected to become fully operational in 50 months, will eventually have an annual capacity of 30 million tons. It is expected to improve the efficiency of iron ore imports and reduce transportation costs for steel products transported to China's central and western markets. The facility is the result of a joint venture between Wuhan Iron and Steel Group and the Guangxi regional government.