Hangzhou Steel to increase special capacity by 2007

Hangzhou Steel to increase special capacity by 2007

Hangzhou Steel set aside RMB 1.37818 billion ($166.5 million) for 28 technical renovation projects that will allow the company to achieve 4 million tons of special steel production capacity by 2007. In 2004, Hangzhou Steel produced 2.779 million tons of output, of which special and quality steel accounted for 70.49%. In addition, the company has developed 32 new products which Japanese and South Korean automakers are snapping up. Hangzhou is keen to develop its special steel capacity as the company feels special steel has several advantages over other types of product. For instance, The market price of quality and special steel has been stable compared to that of rebar and wire rod. Plus, quality and special steel enjoys wide market prospects due to the fact it is used in industries such as machinery, auto, petrochemical, construction, home appliance, aviation and defense.