SHANGHAI: Baoshan Iron & Steel Co started production at its new project in China’s southern port city of Zhanjiang even as steel prices plunge amid sluggish demand in the country, which is facing its slowest pace of economic growth in 25 years.
The No. 1 blast furnace of the project, designed to have an annual capacity of 4.1 million tonnes of melted iron, was ignited on Sept 25, the company, China's biggest publicly traded steelmaker, said in a filing with the Shanghai Stock Exchange on Sunday.
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