On July 1, Chinese steelmaker Chongqing Iron and Steel (Group) Co. held a ceremony to mark the commencement of the project for the relocation of its pipe production plant from the center of Chongqing city to Changshou district in the city’s suburban area.
The investment in the pipe plant relocation project will total RMB 435 million ($70.2 million), with production operations expected to be launched in June 2016. The plant will have an annual output of 150,000 mt of 114 mm diameter seamless pipes, with expected annual revenues of RMB 1 billion ($0.16 billion).