Recently, Henan Shengwu Renewable Resources Co., Ltd., a joint venture between HBIS Industrial Tech and HBIS Wusteel, commenced construction of a steel scrap base project with a designed annual processing capacity of 800,000t in Wugang, Henan.

Since beginning of this year, HBIS Industrial Tech expedited development of HBIS steel scrap bases in surrounding regions. Besides the above project, HBIS Industrial Tech has finished site sourcing for other two projects, including used automobile dismantling and recycling project and Hebi steel scrap project, which are both expected to help HBIS cut purchasing costs for steel scrap.