On August 27, Henan Province-based Chinese steelmaker Zhongyuan Special Steel announced that it plans to implement its reconstruction project for its steel production facilities, including also the construction of other auxiliary facilities, with a revised investment of RMB 883.85 million ($139.41 million) compared to the previous planned investment of RMB 709.92 million ($111.97 million).
The construction period for Zhongyuan Special Steel's project will last 1.6 years, with the designed capacity expected to be reached within two years. Upon completion, Zhongyuan Special Steel will have an annual output capacity of 300,000 mt of slabs and steel ingots. With the commissioning of the project, the steelmaker's operating revenue is expected to reach RMB 2.55 billion ($402.21 million) per year, with an annual net profit of RMB 157 million ($24.76 million).