Major Chinese Steel Mill to Double Capacity as Xi Cuts Back
- Jianlong restarted the bankrupt Shanxi Haixin plant this month
- Second-largest private mill eyes various mergers, acquisitions
Steelworkers stir material in front of a steel making furnace in China.
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Jianlong Steel Holdings Co., the second-largest private mill in China, is seeking to more than double capacity in the next five years even as the country vows to slash its bloated industry amid global oversupply.
The company plans to raise capacity to 50 million metric tons a year through mergers and acquisitions from 23 million tons now, Zhang Zhixiang, chairman at the Beijing-based producer, said at a conference on Monday. The group this month restarted production at a factory bought last year from the bankrupt Shanxi Haixin Iron & Steel Group, Zhang told reporters.