Others News
- Baosteel in US$1.29b shipbuilding venture
Date: 19-Mar-2007 Sources: (Shenzhen Daily)
BAOSTEEL Group and China State Shipbuilding Corp. (CSSC) on Friday signed an agreement to invest 10 billion yuan (US$1.29 billion) in a civilian shipbuilding joint venture.
The venture will build two shipyards on Changxing Island, at the mouth of the Yangtze River. Each yard will consist of two docks with a total of 4.5 million deadweight tons of shipbuilding capacity. CSSC will hold 65 percent of the venture and Baosteel the remainder. Shipbuilding will start at both yards this year, Baosteel said. The venture's order book is full up to 2011 with 7 million tons of new capacity.
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