China’s Masteel starts new production line
Maanshan Iron and Steel Co. Ltd (Masteel)<600808><323><MISCF>, one of the largest steel and iron producer in China, announced that a key production line for sheet metal with annual capacity of 5 million tons started production on Thursday in Anhui.
The production line, with total investment exceeding RMB 20 billion, had been constructed more than 2 years in Maanshan, a city in Anhui in East China. With the new production line, Masteel can produce 16 million tons of iron and steel annually.
The new production line is one of the projects under Masteel’s technology improvement and structure adjustment projects before China’s 11th Five Year Plan (2006-2010), which was approved in November, 2004. The projects include construction of production lines for molten steel, hot-rolled coil and cold-rolled coil, with annual production capacity of 5.85 million tons, 5.5 million tons and 2.1 million tons respectively.
Masteel has realized sales revenue of RMB 34.3 billion and its gross profit was about RMB2.3 billion. It has produced 9.44 million tons of iron, 11 million tons of steel and 10 million tons of steel products. The new production line will further strengthen Mastee’s competitiveness home and abroad.
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