Agreements have lately been signed for the construction of two steelmaking projects in Shoushan, Liaoyang, in China's Liaoning Province, with a total investment of RMB 2.4 billion ($380.95 million).
Accordingly, Hangzhou, Zhejiang-based Yinda Induction Furnace Co. will jointly build a large steel producing company together with Liaoning-based New Penghui Iron and Steel Co., costing an investment of RMB 2 billion ($317.46 million). The new company is expected to have an annual production capacity of 1.5 million mt and a total annual output value of RMB 6 billion ($952.38 million). In addition, Jingyun Group Suzhou Tin Plate Co. and Huitong Precision Thin Plate Co. will jointly set up a tinplate production line with an investment of RMB 400 million ($63.49 million), targeting an annual production capacity of 100,000 mt.