Chongqing Iron and steel 700 million yuan construction new project

Chongqing Iron and Steel (601005) December 24 announcement, the board of Directors passed Resolution, decided to invest about 330 million yuan and about 400 million yuan, the parent company is located in Zhongqing Changshou District Jiangnan Town land on the construction of 1 360 square meters of sintering project, as well as a complex 60-hole 6-meter top coke oven and its supporting works.　　The construction project will be constructed by Sinosteel equipment. Chongqing Steel said the company will, in due course, further announce the way in which the land of the parent company used for the construction project is purchased or leased and the associated transaction thus constituted. It is expected that after the completion of the construction project, Chongqing Steel will bring an annual output of 3.56 million tons of sinter and 600,000 tons of coke capacity.　　The investment will use its own funds or bank borrowings. Announcement, according to the Zhongqing government on the parent company's environmental relocation of the overall deployment and specific arrangements, Chongqing Steel is expected to be located in Zhongqing Dadukou District production line will be closed before the end of June 2011, when the Chongqing steel production activities will be in Chongqing Changshou District Jiangnan Town, The proposed project is convenient to match the steel rolling production capacity of the area, and play the scale advantage of the whole system.