Xinjiang-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of Chinese steel giant Baosteel Group, has successfully completed ignition and test runs at its Nanjiang iron and steel production base project, as reported by Xinjiang Daily News.
The Nanjiang iron and steel base project, with a total investment of RMB 8.179 billion ($1.3 billion), is expected to produce 3 million mt of crude steel per year after completion.
The project, on which construction started in August 2011, is anticipated to achieve annual sales revenue of RMB 10 billion ($1.6 billion) and create more than 10,000 jobs.
In the current year, the project is expected to achieve an annual output value of RMB 5 billion ($798 million).