Hubei Province-based Chinese steelmaker Lijin Iron and Steel Co. (Lijin Steel) has announced that it has started construction work on its high-speed steel bar production project, which is expected to cost RMB 800 million ($127 million).
In 2011, Lijin Steel achieved an output value of RMB 3.5 billion ($554 million). In the given year, the steelmaker built two 90 mt electric arc furnaces (EAFs). In 2012, the annual steel output capacity of the company is expected to reach 2 million mt. Lijin Steel currently has two production lines with respective annual capacities of 500,000 mt of steel bar and 700,000 mt of steel beam.