Shanxi Haixin Iron and Steel Group Co., Ltd, once the largest private steelmaker in north China, is expected to resume production at the beginning of 2016 after the Beijing Jian Long Group bought out the steelmaker in September 2015.
Due to excessive capacity in the domestic steel industry, sluggish steel market climate and financial strain, the private steelmaker was forced to halt production in March, 2014. Before its suspension, the steelmaker had an annual capacity of producing 5.6 million metric tons (tonnes) of iron, 6 million tonnes of steel, and 5.2 million tonnes of steel products. After the reorganization, the private steelmaker was renamed Shanxi Jian Long Iron and Steel Company.
The resumption of production will be implemented in two stages. The private steelmaker will firstly resume production lines of the building material products at the beginning of 2016. After business performance of the building material products stabilizes, it will resume production of steel board products at the end of 2016, according to market situation, said the Beijing Jian Long Group.
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