Shandong Province-based Chinese steelmaker Hengyu Precision Sheet Co. has announced that it will invest RMB 4 billion ($632.50 million) in a precision steel sheet production facility to be built in the city of Jingzhou in Hubei Province.
Located in Jingzhou Economic Development Zone, the project, which will be divided into two phases, aims to produce cold rolled galvanized steel sheets as well as cold rolled galvanized auto grade steel plates. Construction work on phase one, expected to cost RMB 2 billion ($316.25 million), will start before the end of July this year, while this phase will be commissioned before the end of October 2013. Construction work on phase two, which is also expected to cost RMB 2 billion, will start by May 2013, while commissioning will take place by October 2014.