Shougang investment

PUBLISHED : Wednesday, 10 June, 1998, 12:00am
UPDATED : Wednesday, 10 June, 1998, 12:00am

Steel giant Shougang Corp plans to invest one billion yuan to produce new and hi-tech products between now and 2000. The Beijing-based firm will focus on the electronics and information technology industries. Shougang's sales of new and hi-tech products will double to 3.2 billion yuan by 2000, from the present 1.6 billion yuan. The move towards the hi-tech sector was partly prompted by stricter pollution controls in Beijing. The plant will upgrade technology and purchase new equipment to minimise pollution from steel making. Shougang is one of the country's top steel-makers, producing eight million tonnes of steel last year.