Yichang, Hubei-based Chinese steelmaker Yichang Three Gorges Quantong Coated and Galvanized Plate Corporation Ltd has announced that it is investing a total of RMB 20 billion ($3 billion) in its new ultra-thin coated and galvanized plate project, covering a site of 5,000 acres. Upon completion of the whole project at the end of 2011, the new facilities will constitute the world's largest ultra-thin coated and galvanized plate base, with an annual production capacity of over 10 million mt.
On May 18 this year, the first phase of the ultra-thin coated and galvanized plate project was completed after 15 months of construction, with sales revenues expected to reach RMB 8 billion ($1.2 billion) by the end of 2010. Construction commenced on the second phase of the project in December 2009, with commissioning planned for May 2011. As for the third phase, construction started in August this year, while commissioning is due to take place at the end of 2011. Upon completion of the whole project, sales income will amount to RMB 70 billion ($10.5 billion) annually.