Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group Co. (Ansteel) has held a signing ceremony for the establishment of an automotive steel sheet production facility in the Panyu district of Guangzhou, as reported by local media on December 29.
The project in question will be built on a site covering 14 hectares, with a total investment of RMB 2.5 billion ($408 million). The first phase of the automotive steel sheet project will involve an investment of RMB 1.4 billion ($229 million), with construction starting in 2014 and finishing in 2016. The first phase will have an annual output capacity of 450,000 mt of high-strength zinc-coated automotive steel sheet, while its annual operating revenue is expected to reach RMB 2.56 billion ($418 million).