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Home >> Business
UPDATED: 09:31, October 23, 2005
Capital Steel opens new branch to step up eastward relocation
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The Capital Steel (Shougang) Corporation, a Beijing-based large steel maker, opened a new subsidiary Saturday in its neighboring Hebei province, a major step in its eastward relocation.

The new company, called Capital Steel Beijing-Tangshan Iron & Steel Joint Co. Ltd., is based in Caifeidian Industrial Park of the Tangshan city in Heibei.

Chinese Vice Premier Zeng Peiyan inspected the new site of the company Saturday and encouraged its officials and workers to develop high value-added products with least pollution.

Zeng said the relocation of the Capital Steel in Hebei represents a major policy decision made the Communist Party of China (CPC) Central Committee and the State Council, the requirement of the development of iron and steel industry in the national capital and Tangshan area; and it will surely help the company adjust its product mix and also plays an active role in prospering the Bohai Bay economic zone.

Environmentalists say Beijing, the host city of 2008 Olympic Games will see its air quality greatly improved when Capital Steel moves out to Hebei.

Source: Xinhua

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