Baosteel Invests in China's Shipbuilding Industry
The Shanghai Baosteel Group Corp., China's largest steel producer, is to cooperate with the China State Shipbuilding Corporation (CSSC) to construct the country's largest shipbuilding base. According to an agreement signed last Friday, the Baosteel and CSSC will jointly invest 10 billion yuan (1.25 billion U.S. dollars) to build the No. 1 and No. 2 production lines at the Jiangnan Changxing Shipbuilding Base, located at the estuary of the Yangtze River. Baosteel will take a 35-percent stake and CSSC a 65-percent stake in the two production lines, which are designed to manufacture ships with 4.5 million dead weight tons (dwt) annually.
Baosteel Invests in China's Shipbuilding Industry
The Shanghai Baosteel Group Corp., China's largest steel producer, is to cooperate with the China State Shipbuilding Corporation (CSSC) to construct the country's largest shipbuilding base, according to a report on http://english.people.com.cn. According to an agreement, the Baosteel and CSSC will jointly invest $1.25 billion to build the No. 1 and No. 2 production lines at the Jiangnan Changxing Shipbuilding Base, located at the estuary of the Yangtze River. Baosteel will take a 35-percent stake and CSSC a 65-percent stake in the two production lines, which are designed to manufacture ships with 4.5 million dead weight tons (dwt) annually.
China Starts Work On Shipbuilding Center
China has begun work on what will become its biggest and most technically advanced shipbuilding center with an annual capacity of 1.8 million tons. The first stage of the shipbuilding center, located in Shanghai's Waigaoqiao Free Trade Zone along the banks of the Yangtze River, is expected to be completed in three years. It will then have an annual capacity of 1.05 million tons, and contain two 300,000-ton dry docks. Three major Chinese companies, China State Shipbuilding Corp., Shanghai Baosteel Group Corp. and Shanghai Electric (Group) Corp., have set up a company to operate the shipbuilding center. China Shipbuilding will hold more than 50 percent of the company, to be called Shanghai Waigaoqiao Shipbuilding Co.
