Hunan province-based Chinese steelmaker Valin Lianyuan Iron and Steel (Valin LY Steel) announced that its subsidiary LY Steel Electromagnetic Materials Co., Ltd. plans to construct the two-phase project of cold rolled silicon steel products, with an estimated investment of RMB 5.977 billion ($0.83 billion). In particular, the investment of the first step project will amount to RMB 2.066 billion, to start construction in July of 2023, aiming to produce 80,000 mt of oriented silicon steel annually, while the investment of the second step project will total RMB 3.911 billion ($0.54 billion), to start construction in September of 2024, targeting to produce 220,000 mt of oriented silicon steel and 400,000 mt of non-oriented steel annually.
LY Steel Electromagnetic Materials Co., Ltd. was established in December of 2022, with Valin LY Steel holding 51.22 percent of the equity, while Lianyuan Steel Group holding the rest 48.78 percent of the equity.