Xinjiang-based Chinese steelmaker Bayi Steel lately held a ceremony to announce the completion and launch of its new high-speed wire rod and medium plate projects.
Bayi Steel has invested RMB 300 million ($44 million) in its high-speed wire rod project, which is designed to produce 600,000 mt of 6.5-16 mm high-speed wire rod per year, mainly for the production of prime carbon structural steel, low alloy steel, stainless steel welding rod, cold heading steel, and stainless steel spring.
Meanwhile, the first phase of the steelmaker's medium plate project has been built on the back of an investment of RMB 700 million ($102 million) and has a designed annual capacity of 650,000 mt. The products can be widely used in fields such as wind power, petroleum, boiler vessel manufacture, shipbuilding.