wiredInUSA May 2018

Steelmaker opts for bigger stake

Green development

The Chinese authorities plan to use renewable energy technologies to provide all of the electricity for a new economic zone near Beijing. State Grid Corporation of China has established a new subsidiary to oversee the planning of the grid in the Xiong’an New Area in Hebei province, according to the Xinhua news agency. Electricity will reportedly account for at least 50 percent of the total planned energy consumption in the new sustainable city. State media outlets claim that the Xiong’an New Area is situated on one of the biggest geothermal reserves in northern China, but solar PV will likely play a significant role, with solar poised to surpass wind energy as a source of power in China during 2018. The development of the Xiong’an New Area, first announced in April 2017, has become a major policy priority under Chinese President Xi Jinping. Xiong’an is expected to emerge as a modern city by 2035. It has been designed to establish a new model for urban-rural development, with the total population density to be limited to a maximum of 10,000 people per square kilometer. It is expected to emerge as a new hub for developing technologies, covering sectors such as IT, biotechnology and green agriculture.

Japan’s largest rebar producer, Kyoei Steel, has announced its further investment in the Vietnam Italy Steel joint stock company (VIS) to 65 percent, from 20 percent, and will make VIS a company subsidiary. Osaka-based Kyoei acquired the 20 percent stake from VIS’s largest shareholder, Thai Hung Trading Joint Stock Company, in 2017, and now plans to buy additional shares from Thai Hung. VIS, located in northern Vietnam’s Hung Yen province, has an annual steelmaking capacity of 450,000 tonnes, with 300,000 tonnes of rebar and wire rod rolling capacity. A Kyoei official commented: “Through making VIS our subsidiary we will have three production bases in Vietnam, and we will have more chances to expand our business in the country.”

wiredInUSA - May 2018

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