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Sri Lanka’s ambassador to Beijing Palitha Kohona visited Baowu steel group’s offices in Ma’anshan, Anhui, and met senior management to discuss investment potential in Sri Lanka.

Releasing a statement, Sri Lanka’s embassy in Beijing said China’s Bawou Steel will study the feasibility of investing in Hambantota in Sri Lanka, which may lead to a billion-dollar project.

Baowu is now the world’s largest producer by volume after overtaking Europe’s ArcelorMittal.