BEIJING - China’s top steel maker Baowu Group is studying plans to relocate blast furnaces from remote Xinjiang to Cambodia in a bold example of China’s heavy industry shifting excess capacity overseas, a source familiar with the firm’s plans said.
Baowu is looking at the feasibility of shipping two blast furnaces, with a combined capacity of 3.1 million tonnes, along with two converters to turn iron into steel, to Cambodia in late 2019, a senior Baowu manager involved with the plan told Reuters. The equipment to be moved would come from Xinjiang Bayi Nanjiang Steel Baicheng Co Ltd, a Baowu subsidiary based in Aksu in far northwest China. The plant was shut in 2017 and sits some 4,000 km from the Cambodian capital of Phnom Penh.
It posted GDP growth of 7.3% in 2018, making it the world’s sixth fastest-growing economy, according to the IMF.
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