Gansu Province-based Chinese steelmaker Yuzhong Iron and Steel Co., a subsidiary of Jiuquan Iron and Steel Group, has announced that it has successfully commissioned a 2,800 m³ blast furnace in Yushu, Gansu, as a part of a reconstruction project following the earthquake which hit Yushu in April 2010.
With a total investment of RMB 5.28 billion ($834 million), the overall 2,800 m³ blast furnace project will have an annual production capacity of 2.25 million mt of pig iron, 2.29 million mt of crude steel and 2.4 million mt of finished steel. The finished steel production facilities, which have not been completed yet, will focus on the production of construction steel, especially rebar. The annual sales revenue and pre-tax profit of the overall completed project, on which construction commenced in March 2011, are expected to reach RMB 15 billion ($2.37 billion) and RMB 900 million ($142 million) respectively, as stated by Yuzhong Steel.