Hebei Province-based Chinese company Langfang Shenhua Industry & Trade Co. has signed an agreement with the economic development zone located in Tai'an County in China's Liaoning Province regarding investments in two steel production projects, as announced by the provincial authorities in Liaoning. The projects in question are a galvanized steel strip project with an annual output capacity of 1 million mt and a cold-formed steel section project also with an annual production capacity of 1 million mt.
The investment in the galvanized steel strip project will total RMB 1 billion ($163 million), while the project will include the construction of two pickling lines and four galvanizing lines. After commissioning, the project is expected to achieve RMB 8 billion ($1.31 billion) in annual sales revenues and to provide 500 new jobs. Meanwhile, the investment in the cold-formed steel section project will total RMB 500 million ($81.7 million). Annual sales revenues are expected to amount to RMB 5 billion ($0.82 billion), with 350 new jobs to be created.