On August 20, Chinese steel producer Anyang Iron and Steel announced that its subsidiary Angang Zhoukou Iron and Steel Co., Ltd plans to invest in six projects, including a new 1.66 million mt steel bar capacity, a raw material yard project, an oxygen station project, and a 265 square meter sintering machine (including desulphurization and denitrification) project. The construction period for the overall project is about 15 months, and the total investment is expected to be RMB 5.83797 billion ($829 million). The projects are aimed at meeting the needs of the company's development and strategic layout, at adjusting the company's industrial structure and enhancing its competitive strength, and at optimizing its industrial layout.
The new steel bar production capacity forms part of Anyang Iron and Steel’s capacity replacement project which was approved in 2017. Accordingly, the company will have to eliminate four blast furnaces and three converters with a total steelmaking capacity of 1.8 million mt.