On July 29, Wuhan Iron and Steel (Group) Co. (WISCO) , Hubei Province-based Chinese steelmaker, held a ceremony to mark the start of construction of Jiangbei Industrial Park in Yangluo Economic Development Zone in the district of Xinzhou in Wuhan, as reported by local media sources.
The industrial park, which covers 2,100 acres and is to be built with an investment of RMB 7.7 billion ($1.22 billion) by Wuhan Jiangbei Iron and Steel Co., a subsidiary of WISCO, is expected to attract the establishment of plants by enterprises involved in high value-added production in the steel industry. By 2015, the new industrial park is expected to have an annual steelmaking and supply capacity of 2 million mt and an annual output value of RMB 10 billion ($1.58 billion).