Wisco awaits approval for Fangchenggang project

Hubei-based Wisco is still awaiting green light for its Fangchenggang Steel Project in Guangxi. To materialize an overall listing program, Wisco will inject assets in Echeng Steel into Wuhan Iron and Steel Company Limited in the first half of this year, and then infuse the assets of Liuzhou Steel and Kunming Steel into the group's listed arm in the latter half. The Fangchenggang Project has a first-phase capacity of 10 million tons with a total investment of 69.8 billion yuan. This project, plus Baosteel's Zhanjiang steel project, has been delayed by the government for fear that they could add to the already vast overcapacity in the absence of the synchronized pace to cut old capacity.