Anhui Province-based Chinese steel company Fuxin Iron and Steel Co. (Fuxin Steel) has announced the start of construction work on its converter upgrading project, which constitutes the second phase of its overall technical upgrading project targeting an annual production capacity of 5 million mt of special steel by 2015.
The investment in the converter upgrading project is expected to amount to RMB 500 million ($79.37 million). Fuxin Steel plans to invest more than RMB 6 billion ($952.38 million) in the overall project which will be implemented in three phases in the industrial park in the county of Fuchang in Anhui Province. In the first phase, the company is investing RMB 2.058 billion ($326.67 million) on a project including scrap recycling with an annual output capacity of 1 million mt of high quality steel. This first phase is expected to be completed by 2013. In 2013, the company plans to invest RMB 3.5 billion ($555.56 million) in the third phase of the project, including three 1,280 m3 blast furnaces, which will mainly produce rebar and other high quality steel products.