Chinese steelmaker Xinjiang Jinte Steel has announced that it has started work on the third phase of its technical innovation project. After the third phase is completed, the annual steel output capacity of Xinjiang Jinte Steel will reach 2 million mt.
In recent years, Xinjiang Jinte Steel has invested almost RMB 2 billion ($315 million) in additional blast furnace capacity, in a high speed wire rod production line, in a sintering machine with an electrostatic dust collector, and in other equipment.
Xinjiang Jinte Steel produced 800,000 mt of steel in the January-August period of the current year, up 50 percent year on year, achieving a production value of RMB 3.28 billion ($517 million). The figures for August alone were 107,000 mt of steel and RMB 480 million ($76 million).