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BlueScope Steel Limited (ASX:BSL) is pressing ahead with its China expansion plans, banking on the nation to maintain its strong economic and industrial growth.
The company has officially opened its latest steel plant in Xian, in China's midwest, as part of its plan to ramp up production in the world's second largest economy.
The plant has been given China's highest energy efficiency rating -- the first such rating for a foreign company -- and will eventually employ up to 500 people.
BlueScope chief executive Paul O'Malley says the company is confident China's economy will stay strong despite some negative forecasts.
The Chinese government says the economy will grow this year by at least 7.5 per cent.
BlueScope Steel booked a net loss of $62.6 million in fiscal 2013.
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