Hunan Province-based Chinese steelmaker Hunan Valin Iron and Steel Co. has announced that in 2013 its total planned fixed asset project investments amount to RMB 906.91 million($145 million). In particular, RMB 461 million ($73.5 million) will be used for previously started projects and RMB 445.91 million ($71 million) will be used for new projects. According to an official from Valin Steel, the company’s planned fixed asset project investments in 2012 totaled RMB 1.5 billion ($239 million).
Meanwhile, the company’s automobile steel sheet project with global steel giant ArcelorMittal remains its key project and is expected to start production in June 2014. Valin Steel last month completed the upgrade of its production facilities for electrical steel sheet for the automotive sector.