Xinxing Pipes to start work on special steel project within current year

Hebei Province-based Chinese steelmaker Xinxing Ductile Iron Pipes has stated that within the current year it expects to commence construction of a new special steel project with an annual production capacity of 3 million mt.
 
The project will be built in China's Xinjiang Uygur Autonomous Region with a total investment of RMB 9.01 billion ($1.37 billion). The project will include four iron ore rotary hearth furnaces, four blast furnaces, four converters and four agglomerating plants. Overall construction and commissioning is expected to be completed by 2013. The annual sales income of the project will reach RMB 18 billion ($2.7 billion), with pre-tax profit amounting to RMB 2.5 billion ($379 million) per year.