OREANDA-NEWS. September 20, 2011. As the local government issued "Construction Licence for Building Project", various preparatory work of Baosteel's Project of Comprehensive Utilization & Industrialization of Iron Oxide Red was ready and the project started construction comprehensively, reported the press-centre of Baosteel.

As the first project landed in Haibao Industrial Park in Haimen, Jiangsu, Baosteel's Project of Comprehensive Utilization & Industrialization of Iron Oxide Red covers an area of 140 mu, aims to produce middle and high grade magnetic materials with a designed annual capacity of 50,000t Mn-Zn soft magnetic ferrite. The project is constructed in 2 phases, and the phase 1 project is scheduled to be completed and put into trial production in May next year. Now the construction of main plant building column foundation and comprehensive office building foundation is in smooth progress, and the equipment manufacture and steel structure for plant building have all be finalized.

In the progress driving meeting, the leaders of Baosteel Development Co. wished various parties to continue the close cooperation and implement strict management to ensure the safety, quality and construction schedule, effectively control the investment, strive to build a "double excellent" project and build the project into an exemplary project and model plant.