On November 15, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Corp. (WISCO) stated that it has received financial subsidies worth RMB 6.93 million ($1.14 million) from the Chinese central government for its work on a pilot project for dismantling and recycling automobiles, within the scope of Chinese government efforts to increase the recycling of renewable resources.
China's Ministry of Commerce and Ministry of Finance had launched its campaign to boost the recycling of renewable resources in early 2011, Since then, WISCO has stepped up its recycling efforts and is now able to dismantle and recycle 10,000 automobiles per year, becoming the leading company involved in dismantling and recycling automobiles in central China.
Automobiles sales in Wuhan in Hubei Province are expected to exceed 1.5 million units by the end of 2013, with its scrapped automobile volume expected to amount to 75,000-120,000 units per year in line with the international ratio of 5-8 percent. It is expected that the automobile recycling sector in China will see rapid growth in the future, WISCO said.