Fujian Province-based Chinese steelmaker Fujian Sangang (Group) Co. (formerly Sansteel MinGuang Co.) has stated that the new high speed steel bar production project of its subsidiary Sanan Iron and Steel Co. will be completed and put into production at the end of April, contributing to an increase of RMB 3 billion ($0.477 billion) in output value for the current year.
The investment in the project in question totals RMB 300 million ($47.7 million). Annual capacity will be 600,000 mt of 10-16 mm hot rolled ribbed bar and hot rolled plain steel bar.