Henan Province-based Chinese steelmaker Anyang Iron and Steel Group (Angang) has announced that its subsidiary Anyang New Steel Co. will commission a wire rod project at the end of July, with an annual production capacity of one million mt. The project, which costs RMB 188 million ($29.84 million) is expected to generate an annual output value of RMB 4.8 billion ($761.76 million).
Anyang New Steel, with a registered capital of RMB 136 million ($21.58 million) has total assets of RMB 700 million ($111.09 million), including fixed assets of RMB 550 million ($87.29 million). At present, it owns two 132 square meter sinters, two 600 m3 blast furnaces, two 80 mt converters and an 80 mt refining furnace. In June last year, the steelmaker commissioned a 600,000 mt high speed quality wire rod project costing RMB 200 million ($31.74 million).