Shandong Province-based Chinese port company Rizhao Port Co. plans to launch a joint venture company with local Chinese steelmaker Shandong Iron and Steel Group Co. and Shandong State-owned Assets Investment Holdings Co., with a registered capital of RMB 100 million ($16.49 million). In particular, RMB 45 million ($7.42 million) of the total will be provided by Rizhao Port, while Shandong Steel and Shandong State-owned Assets Investment Holdings will contribute RMB 35 million ($5.77 million) and RMB 20 million ($3.29 million), respectively.

The joint venture company will construct one 300,000 mt iron ore berth, seven 100,000-400,000 mt berths for finished steel products, as well as supporting facilities, in the northern part of the Lanshan harbor area of Rizhao port, with a total investment of RMB 5.54 billion ($0.91 billion). Upon completion, the imported iron ore throughput will increase by 20 million mt per year, while the throughput of finished steel, slag and other products will increase by 8.2 million mt per year.