Xinjiang Province-based Chinese steelmaker Kunyu Iron & Steel Co.’s hot rolled steel strip project, with an annual capacity of 1.5 million mt, has received approval from the Environmental Protection Bureau of Kuitun-Dushanzi Economic and Technological Development Zone. The total investment in the project amounts to RMB 370 million ($52 million), including an environmental investment of RMB 3.09 million ($0.43 million), accounting for 0.81 percent of the total investment.
Kunyu Iron & Steel is a large-scale joint venture invested in and built by Shandong Province-based Chinese steelmaker Shiheng Special Steel Group. Kunyu Steel has an annual capacity of 2.0 million mt of crude steel, with sales revenue of RMB 6.0 billion ($0.84 billion) per year.
The new project involves building a new 1.5 million mt per year hot rolled strip steel production line to replace the existing 800,000 mt per year wire rod production line of Kunyu Steel, introducing advanced equipment and technology, building an 850 mm hot rolled strip steel production line (including a heating furnace), upgrading and remodeling the original continuous casting machine, and also adding new relevant supporting public and auxiliary facilities.