Baosteel and Hamersley Agreement on 2005 Iron Ore Prices

The heavy plate project is the key project of the "tenth five-year plan" of Baoshan Iron and Steel Co. Ltd. It is also an important move for Baosteel to complement the plate series products. The project is divided into two phases. The first phase of the project is to build a finishing mill with an annual production capacity of 1.4 million tons; the second phase is to build a blooming mill and the capacity is increased to 1.8 million tons. Presently, the project is entering the preparatory stage for operation.