Shanxi Province-based Chinese steelmaker Zhashui Tongxing Rolled Steel Co. has announced that China's Ministry of Land and Resources has approved allocation of land for its 400,000 mt capacity steel plate project, thereby giving the green light for the start of construction work on the project.
The project, to be built in the county of Zhashui in Shanxi, will cost an investment of RMB 388.73 million ($61.77 million). Following commissioning of the project, Zhashui Tongxing Rolled Steel's annual output value will increase by RMB 1.66 billion ($266.77 million), while its annual gross profit is expected to total RMB 65 million ($10.32 million). Construction work will start in the current month and is expected to be completed by September this year.