Wuyang obtains approval for medium plate project

Wuyang obtains approval for medium plate project

On May 23, the National Development and Reform Commission of China approved Wuyang Steel's 1 million ton medium plate project. The RMB 3.5 billion ($423 million) project is expected to be completed within 18 months. The project covers not only the production of 1 million tons of medium plate, but also 1 million tons of pig iron and 1 million tons of other steel products. Upon completion of the project, Wuyang Steel's steel capacity will increase to 3 million tons, while its steel plate production capacity will rise to 2.6 million tons. The company anticipates that its annual sales revenue will double to RMB 10 billion ($1.2 billion).