Anhui Province-based Chinese steelmaker Masteel Group has stated that on June 25 construction work began on its new joint venture project with Chinese axle producer Jinxi Axle Co. to produce steel axles for rail transport.
Gu Jianguo, CEO of Masteel, said that the total investment in the project is expected to reach RMB 1.29 billion ($205 million), targeting a total annual steel axle output capacity of 70,000 mt by December 2014. In an initial phase, an annual production capacity of 45,000 mt will be achieved by September next year.