New rolling plant to be established in Jiangsu

Thursday, 02 September 2010 17:17:49 (GMT+2)

On August 31, Chinese steelmaker Jiangsu Suzhou Steel Group and Indonesia's Central Asia Group have signed an agreement to co-develop a one million mt steel rolling plant in Suyu, Jiangsu, China

The project, worth RMB 680 million ($100 million), will be constructed in two phases. The first phase with 600,000 mt capacity is worth RMB 430 million ($63.2 million) and will start production in eighteen months. The 400,000 mt second phase, which is to be commenced when the first phase is over, is worth RMB 250 million ($36.8 million) and will also be concluded in eighteen months.

The expected annual sales revenues from the project are RMB 5 billion ($735 million) while expected pre-tax profit is RMB one billion. The plant will harbor 1,000 jobs.

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