The Sad Drama of Tieben
Tieben was founded by Dai Guofang in 1996 in Wujing District of Changzhou city, Jiangsu province, with a registered capital of 2 million yuan. From small beginnings, Tieben started as a steel factory that only produced small electric stoves and iron scrap metal. In 2002, the factory upgraded its technology and launched a blast furnace project. In April 2003, Tieben changed its name to Jiangsu Tieben Steel Ltd. and its registered capital increased to 302 million yuan. Tieben was one of the most ambitious players in China's private steel sector before 2004. From 2002, Tieben began to take large areas of land along the Yangtze River in the northeast of Changzhou city in Jiangsu province, intending to build a new factory with a projected annual production capacity of 8.4 million tons, under a planned investment in excess of 10 billion yuan. However, the deal was considered illegal as local government and regional agencies broke national laws in the approval of project investments.
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