Hancheng municipal government in Shaanxi Province signed an agreement with Shaanxi Province-based Shangruotaiji Industry Group on the cooperation of a galvanized cold rolled strip project.
Shangruotaiji decided to invest RMB 2.5 billion ($0.37 billion) in the construction of a galvanized cold rolled strip project in Hancheng economic development zone upon sufficient investigation. Currently, company registration, ground investigation and site planning have been completed. The construction will start in late October this year. The first production line is expected to be put into operation by the end of May 2019, while all five production lines will be completed by the end of 2020. The annual output value is expected to reach RMB 15.0 billion ($2.2 billion).