Gansu Province-based Chinese steelmaker Lanxin Iron and Steel Company (Lanxin Steel) plans to invest RMB 800 million ($126.98 million) to build a high speed bar line with a designed annual production capacity of 1 million mt, as reported by local media sources.
In February this year, Lanxin Steel commissioned its new high speed wire rod line with an annual output capacity of 1.2 million mt at an investment cost of RMB 350 million ($55.56 million). The overall combined annual output value of the two production lines is expected to be RMB 9.13 billion ($1.449 billion).