On April 9, Liaoning Province-based Chinese steel producer Jinyong New Materials Technology held a ceremony to mark the start of construction work on its new high precision cold rolled steel sheet project in Dongfeng Lake Iron and Steel Deep Processing Industrial Park in Benxi, Liaoning, as announced by the local government in Benxi.
Work on the project, which will cost a total investment of RMB 1 billion ($158.73 million), will be carried out by Beijing-based Steel Rolling Technology Company. The main products to be produced are full hard cold rolled coil, galvalume steel coil and tin-coated steel sheet. Once the project is put into production, it is expected to have an annual output capacity of 500,000 mt of high precision cold rolled sheet, contributing total taxation of RMB 240 million ($38.1 million) per year.