Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that its subsidiary Hunan Province-based Chinese steel pipe producer Hengyang Valin Steel Pipe plans to invest RMB 2.50 billion ($0.35 billion) in building an extra-large caliber seamless steel pipe rolling project.
The construction period for the project will be 18 months. After the completion of the project, Hengyang Valin Steel Pipe will be able to produce extra-large diameter seamless steel pipes of 323 mm to 610 mm in outside diameter and 7.3 mm to 60 mm in wall thickness. The project will be financed by bank borrowings of RMB 1-1.5 billion ($0.14-0.21 billion), a shareholders’ capital increase of RMB 1.0 billion ($0.7 billion) and the company’s own funds.
$1 = RMB 7.1896