According to Shanghai-based
Baosteel Wheel Co., a subsidiary of Chinese steel giant
Baosteel Group, in 2010
Baosteel Wheel Co.'s
production volume and sales volume of steel wheels were respectively 3.92 million wheels and 3.95 million wheels, up 58 percent and 71 percent respectively year on year. Thus,
Baosteel Wheel Co. accomplished its
production target of 3.8 million steel wheels for 2010 which it had set at the beginning of the year in question.
As SteelOrbis previously reported, the construction of
Baosteel Wheel Co.'s new
production base in the Baoshan district, Shanghai is continuing. Upon completion of the construction in 2011,
Baosteel Wheel Co.'s annual aggregate steel wheel output will reach 4.5 million wheels.
Meanwhile,
Baosteel Wheel Co. is also building another steel wheel
production base in Yantai, Shandong Province, having broken ground in June 2010.
Baosteel Wheel Co. expects to invest a total of RMB 400 million ($60 million) in the Yantai base, with RMB 140 million ($21 million) being invested in the first phase. Upon completion, the Yantai
production base will have an annual output of 1.25 million steel wheels.