On April 8, Chinese steel mill Anshan Iron and Steel Group Corporation (Ansteel) and Belgium-headquartered global market and technological leader Bekaert officially opened a new production plant for steel cord products in Chongqing, China.
In May 2008, Ansteel and Bekaert concluded a strategic partnership and subsequently set up a 50:50 joint venture named Bekaert Ansteel Tire Cord (Chongqing) Co., Ltd.
Accordingly, Ansteel and Bekaert decided to invest a total of €150 million for the construction of the new steel cord plant in Chongqing.
With the joint venture plant, Ansteel and Bekaert say they are responding to the rising local demand for steel cord products for tire reinforcement. The plant currently employs 130 employees and is expected to grow in line with market demand.