Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group Co. (Ansteel) has announced that its board of directors have approved a joint venture project for the construction of a high-strength galvanized automotive sheet production line in Chongqing, Sichuan Province together with Sichuan-based Chinese steel producer Pangang Group's subsidiary Xichang Steel and Vanadium Co.
The project will involve the construction of a 1,650 mm high-strength galvanized automotive sheet production line with an annual capacity of 450,000 mt. The registered capital for the joint venture will be RMB 100 million ($16.49 million), with each side to contribute half of the total.