Chongqing Steel to construct wide and heavy plate project

SteelOrbis Shanghai Sichuan Province-based Chongqing Steel has announced at the Shanghai Stock Exchange that it plans to invest RMB 1.9 billion ($253 million) in the construction of a 4,100 mm wide heavy plate project. Building work on the project is expected to commence in 2007 and production is expected to start in 2009. The designed capacity of this wide and heavy plate project is 1.3 million mt, which will be used mainly for the production of plates of 1,500-3,800 mm in width. The total investment for this project is estimated to be around RMB 1.9 billion ($253 million), with the breakdown given as RMB 1.87 billion ($249 million) for fixed assets investment and RMB 30 million ($4 million) as circulating capital.