Chinese steelmaker Shandong Iron and Steel Group formally started construction work on its Rizhao Steel Base project at the end of June, having received approval for the project from China's National Development and Reform Commission (NDRC) in April this year. The project's planned annual outputs of pig iron, crude steel and finished steel are 8.1 million mt, 8.5 million mt and 7.9 million mt respectively.

The steel production base in question is being built in Lanshan industrial park in Rizhao in Shandong Province, on a site covering 173.8 hectares. The total investment is expected to reach RMB 56.748 billion ($9.24 billion), including RMB 6.47 billion ($1.05 billion) for environmental protection. Port facilities to be built as part of the project include one 300,000 mt berth, three 40,000 mt berths and four 10,000 mt berths.