Jiangsu Yonggang Group starts construction of new rebar project
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Jiangsu Province-based Chinese steelmaker Jiangsu Yonggang Group Co., Ltd has announced that it is investing RMB 298 million ($45 million) in the construction of its new No. 5 rebar mill, which will include two rebar production lines. Construction work has already started on the project. Jiangsu Yonggang Group will first construct rebar production line A, which is expected to start production operations in July 2011, while rebar production line B will start operating in early October 2011.
The new mill will be able to produce rebar in diameters of 10 mm and 12 mm, in grades such as HRB 335, HRB 400, BS460B and B500B. The annual output of the mill, which covers a surface area of 45000 m2, will be 1.2 million mt. The project is expected to earn a net profit of about RMB 120 million per year.