Jiangsu Province-based Chinese steelmaker Xuanli Special Steel Co. has announced that phase one of its new special steel project costing RMB 1.2 billion ($191 million) is around 80 percent complete, with trial production expected to be carried out in June this year. Annual sales revenue from phase one is expected to reach RMB 4 billion ($635 million).
The overall project, with a total investment of RMB 3.8 billion ($603 million), will have an annual output capacity of 2 million mt. The project has three phases, with phase one and phase two together due to produce one million mt of semi-finished special steel per year, while phase three will have an annual output of one million mt of special steel plate and bar. Following commissioning, total annual sales revenue from the project is expected to reach RMB 10 billion ($159 million).