Shanxi Province-based Chinese steel producer Taigang Stainless Steel, a subsidiary of Taiyuan Steel Group, has stated that it has started commissioned work on the first phase of its structural steel production upgrade project (designed annual capacity of 100,000 mt), on its technology innovation project for high-strength precision steel strip (designed annual capacity of 20,000 mt) and on its technology innovation project for stainless steel pipe (designed annual capacity of 50,000 mt). In the current year, Taigang Stainless expects to produce 8.68 million mt of pig iron and 10.84 million mt of finished steel (including 3.1 million mt of stainless finished products).
Meanwhile, Taiyuan Steel Group's bright stainless sheet project with an annual capacity of 130,000 mt will put into production in June this year, while construction work has started on the stainless steel tandem cold rolling project of Taigang Stainless, with commissioning due in September 2013. In addition, commissioning of the Lvliang Iron Mine project of Taigang Stainless is expected to be completed in the current month of May with an annual output capacity of 7.418 million mt of iron ore concentrate and iron ore fines.
On the back of its ongoing expansion, Taiyuan Steel Group is aiming to double its operating revenue by 2014 to RMB 200 billion, from the current RMB 100 billion ($15.87 billion).