Kazakhstan is set to construct a metallurgical plant with an annual production capacity of 3mn tons of steel in the Jibek Joly special economic zone in the Zhambyl region. The project, backed by Chinese investor Fujian Hengwang Investment represents a total investment of $1.2bn.
Prime Minister of Kazakhstan Olzhas Bektenov discussed the project’s implementation with Zeng Zhaoqiang, Chairman of the Board of Fujian Hengwang Investment. Their meeting followed agreements reached during the Kazakh-Chinese investment round table in November 2024.
Construction is scheduled to begin in April 2025, creating 2,500 jobs. The first phase of production, set for 2027, will have a capacity of 1mn tons, with investments totaling KZT 160.2bn ($321mn). By 2029, output will reach 3mn tons, requiring an additional KZT 312.8 billion ($627mn).
The plant will utilize Kazakhstani raw materials, including natural gas and iron ore sourced from the Karaganda, Kostanay, and Ulytau regions, along with lime. Its product range will include wire rod, rebar, strip steel for pipe production, and profile steel.
To support operations, the project’s second phase includes the construction of a 350 MW gas turbine power plant, with an allocated investment of KZT 201.3bn ($403mn).
This initiative is expected to boost Kazakhstan’s metallurgical sector, create employment, and strengthen economic ties with China.
