BEIJING: China's largest steel maker Hebei Iron & Steel Group is planning to set up a high-volume joint venture in South Africa.
Hebei Iron & Steel Group, the Industrial Development Corporation (IDC) of South Africa and the China-Africa Development Fund, signed the cooperation memorandum for the project in Beijing, Xinhua reported.
The first phase of the project with a three-million-ton capacity will start construction in 2015 and be put into use in 2017.
The second phase with two million tons of capacity will start production in 2019.
The project is expecting a total annual capacity of five million tons upon completion.
Hebei Iron & Steel Group will have a 51 percent stake in the joint venture.
Hebei Iron and Steel Group, acquired a 74.5 percent stake in a South African mining company in August 2013. (QNA)
