China Development Bank Offers WISCO “Green” Credit
Wuhan Iron and Steel (Group) Corporation (WISCO), the parent company of Wuhan Steel Processing (600005.SH) signed with China Development Bank to secure RMB 80 billion in credit, the company announced December 7. WISCO intends to use the loans to fund construction of overseas bases and the company's expansion in central and southwestern China, as well as construction of energy-conservation and environmental protection facilities, according to the report. WISCO had signed in 2007 with China Development Bank for loans of RMB 20 billion over a 5-year period and the company currently holds RMB 17.5 billion in loans from the bank.
Reports at the end of November noted the company's plan to establish a iron and steel plant with an annual production capacity of 5 million metric ton (MT) in Rio de Janeiro, in cooperation with EBX subsidiary MMX Mineracao e Metalicos.
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