Chinese steelmaker Xinjiang Gaoyi Smelting Co. has announced that it will invest RMB 1.5 billion ($238 million) in its project to build two 1,380 cubic meter blast furnaces in 2012. After commissioning, the steelmaker's annual crude steel output will reach 3 million mt, while its annual output value will total RMB 12 billion ($1.9 billion).
In 2011, Xinjiang Gaoyi Smelting commissioned phase one of its project for the construction of two 120 mt converters. The total cost of this project is estimated at RMB 500 million ($79 million).