Prime Minister of Kazakhstan Olzhas Bektenov last week met with Zeng Zhaoqiang, the Chairman of the Board of Fujian Hengwang Investment Co., Ltd, one of the leading metallurgical companies in China.
The meeting discussed the construction of a metallurgical plant with a capacity of 3 million tons of steel on the territory of the special economic zone Jibek Joly in Kazakhstan’s Zhambyl region, the Kazakh government’s press service reported.
The total amount of investments of the Chinese company is estimated at $1.2 billion. A total of 2.5 thousand jobs will be created as part of the project. Construction is scheduled to start in April 2025.
According to the investor’s plan, at the first stage in 2027, the plant’s production capacity will amount to 1 million tons of steel, and the volume of investments will reach 160.2 billion tenge. By 2029, output will increase to 3 million tons, with additional investment of 312.8 billion tenge.
Kazakhstani raw materials will be used for production: natural gas and iron ore mined in the Karaganda, Kostanay and Ulytau regions.
The plant will produce a wide range of products, including wire rod, rebar, strip steel for pipe production, as well as angle and section steel.
The second phase of the project will include the construction of a 350 MW gas turbine power plant to meet the needs of the metallurgical plant.
