On January 26, Henan Province-based Chinese steelmaker Zhongyuan Special Steel announced that it plans to invest RMB 1.1 billion ($167 million) in a forging project located in Henan,
China, aimed at improving the company's core competitiveness and operational effectiveness.
The project includes the construction of a forging shop and a production line with a precision forging machine having a designed annual production capacity of 1,800 mt. Construction, which is due to start in June this year, is expected to be completed within two years at a cost of RMB 400 million ($60.8 million) for construction and installation engineering, with equipment purchases expected to cost an additional RMB 640 million ($97 million).