Chinese steelmaker Ningxia Iron and Steel Group has announced that its new high-speed wire rod project with an annual output capacity of 600,000 mt began production operations on June 16.
As reported previously by SteelOrbis, the total investment in the project - on which construction work started in May 2016 - amounted to RMB 598 million ($88 million). The main products will include wire rod for welding, springs and steel cords. Annual sales revenues are expected to reach RMB 2.4 billion ($0.35 billion).