Shanghai Xigang kicks off operations at 100,000-ton electrical steel line in Dongtai
Shanghai. September 14. INTERFAX-CHINA - Shanghai Xigang Co. Ltd., an electrical steel producer, has started operations at a 100,000-ton electrical steel line in Dongtai City, Jiangsu Province, state media reported on Sept. 14.
Xinhua news agency reported that Shanghai Xigang is one of China's top electrical steel producers, and its new electrical steel line is expected to generate sales revenue of RMB 70 million ($10.25 million) by the end of the year.
According to an announcement on the Web site of the economic development zone of Dongtai City, Shanghai Xigang plans to build an electrical steel facility with annual production capacity of300,000 tons , which will require investment of RMB 1 billion ($146.46 million), and is scheduled to be completed by the end of June 2010. The 100,000-ton line is the first phase of the project.
At present, China depends on electrical steel imports but such imports are decreasing thanks to increased domestic production. The country's imports stood high at 1.04 million tons in 2008, while that figure for the first seven months of 2009 dropped by 29.1 percent on an annual basis to 443,000 tons.
Wuhan Iron and Steel (Group) Corp. (WISCO), Baoshan Iron and Steel Group, and Anshan Iron and Steel Group are among China's major electrical steel producers. WISCO, the largest electrical steel producer in China, contributed 1.34 million tons to China's total output of 3.64 million tons in 2008.