New North Zone of Chongqing attracts 3 Chinese steel giants

Sep. 10, 2008 (China Knowledge) - Chongqing's New North Zone (CNNZ), a modern industrial base and the economic growth core in the economic circle of Chongqing Municipality, said it has attracted three Chinese steel giants to set up plants in it, namely Baosteel<600019>, Wuhan Iron & Steel<600005>, and Panzhihua Iron & Steel.

Baosteel has reportedly invested RMB 700 million to establish an auto steel structure processing facility, which is designed to have a capacity of 30,000 tons of rolled steel per year.

Wuhan Iron & Steel plans to invest RMB 100 million to build a process and distribution center in CNNZ with a capacity of processing 200,000 tons of steel per year.

Panzhihua Iron & Steel will set up a new auto steel production base with two of the world's top 500 firms including the Japan-based Marubeni-Itochu Steel Inc. The project, when completed, will be able to rake in RMB 1.2 billion annually.

Established in 2000, the New North Zone of Chongqing has a planned area of 136.6 square kilometers. consists of the Replacement Areas for Chongqing Economy and Technology Development Zone and Chongqing High and New Technology Industry Development Zone, Chongqing Export Product Processing Zone and Foreign Affairs Management Zone.