Early la st week, Qingdao Steel Group signed a cooperative agreement with its partner from ROK at the Shangri-La Hotel. The cooperation is a sino-foreign joint venture project with the biggest investment at one time that has ever been launched in Qingdao.

The project with a total investment of $180 million is the largest one of its kind in China. The construction of the project will fill in gaps in the industrial products and play an important role in the structure readjustment of the national steel industry and the local industry. Qingdao Steel Group is one of the 3 pillar steel enterprises in Shandong Province and one of the top 10 local enterprises. In 2001, its major production income reached 6.1 billion yuan with a tax payment above 556 million yuan.

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