Jiangsu Province-based Chinese steelmaker Jinkai Iron and Steel, which was established on January 18, 2010 following the acquisition of bankrupt steel company Jiangsu Tieben Steel, has changed its name to Changzhou Oriental Special Steel, effective from the start of February this year.
The company recently eliminated four outdated steel bar production lines with a total output of 1.2 million mt, while also eliminating a 2,300 mm medium plate production line with an annual output capacity of 0.3 million mt. To meet the requirements of its blast furnaces, the company plans to invest RMB 100 million ($15 million) to add a 180 m2 sinter machine to its four existing sinter machines.
The company also stated that it will invest RMB 250 million ($38 million) to establish a rod and bar production line and to upgrade converters. At the same time, the company plans to invest money in the installation of a dust reduction system.
Changzhou Oriental Special Steel is aiming to achieve RMB 12 billion ($1.82 billion) in sales revenues in 2011.