Anshan Steel to invest for expansion

Anshan Steel to invest for expansion

According to recent news in the market; Anshan Steel, located in Liaoning province of China, plans to invest Yuan 15 billion ($1.82 billion) to expand its production capacity and to renovate its plant. The project will be materialized through three stages. In the first stage, Yuan 8.78 billion ($1.06 billion) will be invested to add 5 million tons to the annual production of steet sheet, with the installation of a new blast furnace, converter, two plate and sheet rolling mills. The first project will be completed by the end of 2006 and the plant will produce 2.8 million tons of hot rolled coil and 2.2 million tons of cold rolled coil per annum. The second stage includes renovation of No.3 cold rolling line, with the investment of Yuan 5 billion ($604 million). With this investment, the line will have a new continuous annealing line, slitting line and electro galvanizing line. The total capacity of No.3 cold rolling line will be 1.2 million tons and the renovation of the line will be completed in 2005. The third stage of the project is including installation of a new blast furnace, which will cost Yuan 1.31 billion ($158 million) to company. This project is expected to be materialized by the end of 2004.