Wisco speaks for seaside steel projects

Wisco general manager Deng Qilin has called for immediate approval from the central government of China's two seaside steel complexes Guangdong's Zhanjiang Steel project owned by Baosteel and Guangxi's Fangchenggang Steel project by Wisco, which have intentionally been delayed because of the outbreak of the financial crisis and fears over domestic overcapacity. Deng said these two projects would become a crucial part of the country's industrial adjustment and revitalization program and play an active role in the industry's layout optimization, backward elimination, the fast development of western region and propping up domestic consumption, thus requiring an expeditious administrative process. Deng Qilin also urged the government to take more effective measures through leverage on policy, investment and revenue to encourage merger and acquisition activities among the central government-owned enterprises, resolutely remove outdated capacity, contain the impulse of reckless expansion and make those with advanced facilities and technologies stronger.