Cronimet Group inaugurates steel recycling plant

SHANGHAI - German steel recycling firm Cronimet Group on Friday inaugurated a plant in Shanghai in a bid to tap into China's potentially huge scrap steel market.

The 54,000 sq m warehouse, located in the city's Baoshan district, involves a total investment of 15 million euros. It is Cronimet's first plant in Asia and the company's biggest. Its annual production capacity is expected to reach 250,000 tons, according to Joachim Pilarsky, managing director of the company.

"Our Chinese clients include leading steelmakers such as Shanghai-based Baoshan Iron & Steel Co Ltd and Taiyuan Iron & Steel (Group) Co Ltd of Shanxi province," Pilarsky said.