On November 26, Meiwei Wheel Co., a subsidiary of Shanghai-based Chinese steelmaker Baosteel, held a ceremony to mark the start of construction of its new high-end steel wheel production project on a site covering eight hectares in Yufu industry park in Liangjiang New District in Chongqing, as reported by local Chinese media sources.
Investment in the first phase of the project is expected to amount to RMB 333 million ($53.3 million), with designed annual output capacity of wheels for passenger and commercial vehicles of 1.5 million and 500,000 respectively.