China Development Bank's Dalian branch and the Agricultural Bank of China's Dalian branch have formed a syndicate to offer CNY4.5 billion to Dongbei Special Steel Group Co., Ltd for its relocation program of Dalian base, Liaoning Province in Northeast China.
CDN and ABC will respectively offer loans of CNY3 billion and CNY1.5 billion for the program.
The relocation program is a key project for steel industry restructuring and emission reduction with a total investment of CNY7.1 billion. It was started in March 2007, and is expected to finish in four years. According to the plan, the plant would move from urban Dalian to Dengshahe Industrial Park.
When finished, the new Dalian base will produce 1.27 million tons of special steel each year, the concentration of dust emissions will reach European standards, and all steel slag will be recycled.
