Shanxi Province-based Chinese steel producer Yuanping Iron and Steel (Yuanping Steel) has formally launched the construction of its new foundry program in Yuanping Recycling Economy Industrial Park.
The cost of the project will be RMB 3.48 billion ($533 million), while the annual production capacity of the project will be 1 million mt, including cast parts for wind power equipment and automobiles, as well as 500,000 mt of parts for processing machinery, and 1 million mt of cement. The annual production value of the new project is expected to reach RMB 7.31 billion ($1.12 billion).