Jinan Province-based Chinese steel producer Jiyuan Iron and Steel Co. (Jiyuan Steel) is about to put its new high-speed wire rod project into production, according to local media reports. Jiyuan Steel has already completed construction work on the project and is now carrying out debugging of equipment. The total investment in the project amounted to RMB 800 million ($126.98 million).
In 2011, Jiyuan Steel produced 2.448 million mt of pig iron, 2.61 million mt of crude steel and 2.73 million mt of finished steel. In addition, the total sales revenue of Jiyuan Steel reached RMB 13.8 billion ($2.19 billion) in 2011, while it recorded a pre-tax profit of RMB 950 million ($150.79 million) for the year.