Company places bets on China growth...
The UK's LNM Group, the world's second largest steel producer, has beefed up its efforts to increase its presence in China.
LNM plans to set up a cold-rolled and coated steel plant in the city of Yingkou, northeast China's Liaoning province, in the next two years, according to a memorandum of understanding recently reached between LNM and the management committee of the Yingkou City Economic and Technological Development Zone.
With a total investment of 100 million US dollars, the plant is expected to have an annual cold and hot galvanizing capacity of some 400,000 tons.
Lakshmi N. Mittal, LNM global president, said China witnessed the fastest growth in the steel industry in the world last year and the increase trend was expected to continue in the coming 10 years.