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PrintShougang Group, a Chinese iron and steel maker announced that it would auction off most of its blast furnaces in western Beijing.
A source of the group said that the No 5 furnace, the first large facility ever constructed for iron making by Shougang will be the first to be sold. With a capacity of 1,036 cubic meters, this furnace stopped production in July 2005.
That's when Shougang was ordered to relocate to Caofeidian, an islet in the Bohai Sea in order to reduce pollution before the Olympic Games. Altogether 30 million tonnes of iron had been produced through this furnace.
Yanhuang Auction Co Ltd a Beijing based firm that will be responsible for the auction confirmed the plan.
Mr Yanhuang a spokesman said that "Each bidder is required to go through registration procedures with the auction company."
Potential bidders can look at Shougang's assets listed for auction, which include the No 5 furnace and other equipment such as refrigerating machinery and cranes from the Beijing coking plant.
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