Steelmaker builds new high-end facility
By Yin Ping (China Daily)
Updated: 2006-07-26 08:41
Baosteel Group, China's largest steelmaker, began work on a 6 billion yuan
(US$750 million) facility yesterday to produce special steel.
Xie Wei,
general manager of Baosteel's special steel branch, said yesterday that the
high-end alloy steel project is part of Baosteel's efforts to build itself into
a world-leading research and production base for special steel.
The alloy
steel project is expected to produce 360,000 tons of steel plates and coils each
year when it is completed in May 2009.
Xie said these high-intensity
steel products are meant for the emerging needs of industries such as aerospace,
nuclear power, and oil and gas prospecting.
The special steel products
will bring in around 8.3 billion yuan (US$1.04 billion) to the group each
year.
The project, the group's largest-ever investment in special steel,
will be the country's only large-scale special steel production line.
Jia
Liangqun, an analyst at industry portal Mysteel.com, described the project as
"forward-looking."
"China is now going all out to manufacture large and
more technology-intensive equipment, which requires abundant steel with special
features," Jia said.
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