On May 18, phase 1 of China's largest ultra-thin coated and galvanized plate production base started production in the southwestern city of Yichang. Investment in the phase 1 project of Yichang Three Gorges Quantong Coated and Galvanized Plate Co., Ltd. has amounted to RMB 7 billion. The project uses advanced ultra-thin cold rolled technology, with phase 1 capacity equal to 3.2 million mt of plate annually. After construction of all three phases is completed, the coated and galvanized plate output produced by the company will account for one third of Chinese national output.
In the combined three phases of the project in question, Yichang Three Gorges Quantong Coated and Galvanized Plate Co., Ltd. will invest a total of RMB 20 billion for a total capacity of 10 million mt plate output. Phase 2 and phase 3 of the project are expected to start production next year. At that time the annual output value will be RMB 70 billion and tax revenue will be RMB 4 billion, with 15,000 job positions created.