On March 2, China's Caofeidian, Hebei-based steelmaker Shougang Jingtang Co. commenced construction work on its No. 2 cold rolled project, which includes one pickling-rolling line, one continuous annealing line, two continuous hot dip galvanizing lines, two heavy volume test lines and three semi-automatic packaging lines. The project, which targets an annual production capacity of 1.08 million mt of commercial cold rolled coils, 1.02 million mt of commercial galvanized coils and 50,000 mt of chill plates, is expected to start production by December 31, 2010.
Shougang Jingtang Company is a joint venture formed by Beijing-based Shougang Group and Hebei-based Tangshan Company with a total investment of RMB 67.731 billion ($10 billion). Shougang holds 51 percent shares in the joint venture, while Tangsteel owns the remaining 49 percent.