Chinese steelmaker Changzhou Eastern Special Steel Co. (formerly named Jinkai Iron and Steel Co.) has announced that it will invest RMB 1.156 billion ($183.39 million) in the construction of for a facility for the production of elevator guide rails, which will have an annual output capacity of 500,000 mt.
The annual sales revenues of the facility are expected to total RMB 5 billion ($793.23 million). The project will be divided into three phases with phase one to be put into operation in July of the current year.
Changzhou Eastern Special Steel Co. expects to achieve sales revenues of RMB 12 billion ($1.90 billion) in 2012.