Metal Products News
- Hunan News
Date: 7-Jun-2007 Sources: (Shenzhen Daily)
HUNAN Valin Steel Tube & Wire Co., partly owned by the world's biggest steel producer Arcelor Mittal, said yesterday it will invest about 1.7 billion yuan (US$222 million) to build iron and seamless steel plants to meet China's demand.
The money will be used for two projects for Valin's unit Hengyang Valin Steel Tube Co., the Shenzhen-listed company said in a statement. The steelmaker will spend 870 million yuan building a plant to refine ores into iron, and construct roads for transporting ores to the plant, Valin said. Another 797 million yuan will be use to build a production line for seamless steel used in oil pipelines and power generators, the company said.
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