SHANGHAI, May 24 (SMM) — This is a roundup of news in the steel industry for last week.

Meijin Iron and Steel to build steel capacity replacement project in Yuanping, Shanxi

On May 17, the government of Yuanping city, Shanxi province signed the Green Intelligent Manufacturing New Material Industrial Park Project Cooperation Agreement with Shanxi Meijin Iron and Steel. The total investment of the project will be 11.96 billion yuan, and the designed annual production capacity of iron and steel will be 3.52 million mt and 3.09 million mt respectively. The project will include 1.2 million mt pellet capacity, two 300㎡ sintering machines, two 2050m³ blast furnaces, two 140 mt converters, and two 140 mt LF furnaces. After the project is completed, it can generate operating income of 14.03 billion yuan and profits of 726 million yuan.

Angang Iron and Steel put one blast furnace at Zhoukou project into operation

Angang Iron and Steel Group put one blast furnace at its Zhoukou project into operation on May 18 after the No.1 converter was put into use on May 10. 

The Zhoukou project is one of the key projects in Henan Province to promote supply-side reforms and promote the optimisation and adjustment of the local steel industry. It is also the first large-scale steel project in Zhoukou. The first phase of the project will include a 1,860 m³ blast furnace and supporting systems. After all construction is completed, the planned production capacity of steel may reach 10 million mt.

Shandong made breakthrough in the exploration of iron-rich iron ore

Recently, four layers of iron-rich iron ore bodies were discovered through drilling at the Litun project, Yucheng, Dezhou City, Shandong Province, with a total thickness of 79.36 meters and a grade of over 55%. The Litun project is among the 4 projects in the Qihe-Yucheng integrated exploration area.

Currently, the four projects are under exploration, and resource reserves have been predicted for three projects. The Litun project is estimated to contain 35 million mt of resources. The Litun project found 4 layers of iron -rich iron ore at 1,300 meters underground, of which the thickest layer is 72.3 m, with an average grade of more than 55%.