China Greenlights $11B Baosteel Plant Project

Law360, New York (May 25, 2012, 4:54 PM EDT) -- The Chinese government on Friday reportedly approved a long-awaited $11 billion Shanghai Baosteel Group Corp. project to build a steel plant in the southern province of Guangdong, ending years of delay because of overcapacity in the steel industry.

China's National Development and Reform Commission issued a statement giving Baosteel the green light to build the plant, which will have an annual capacity of 19.4 million tons of steel and steel products and 9.2 million tons of iron, according to a report in Chinese newspaper Shanghai Daily....
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