Jiangsu Province-based Chinese steel company Panhua Group has announced the commissioning of its new color coated steel sheet production line in the Peiling district of the city of Chongqing, China.
Li Xinghua, president of Panhua Group, said the new line is expected to have an annual production capacity of 1.5 million mt and will create 2,000 new jobs in the district.
The construction of the production line in question was initiated in July 2009. The total investment reached RMB 4 billion ($614 million).
Meanwhile, in November 2010 Panhua Group signed an agreement to build another auto sheet production program in Sichuan Province, China. Under the framework of the agreement, Panhua Group will invest RMB 6 billion ($923 million) to build an auto sheet production line with an annual output capacity of 2.5 million mt, while it will also invest RMB 500 million ($77 million) to construct an electrical steel production line with an annual output capacity of 200,000 mt.