1.2Mtpa electrical steel project breaks ground in Handan

On March 1, an electrical steel project developed by Zhongpu (Handan) Electromagnetic Materials Technology Co.Asian Metal Copyright81 billion.Asian Metal Copyright, Ltd.Asian Metal Copyright81 billion.Asian Metal Copyright, a joint venture between Hebei Puyang Iron and Steel Group and Longxiang Holdings Limited, broke ground in Handan Economic Development Zone, with a total investment of RMB13 billion (USD1.Asian Metal Copyright2 billion USD445 million, is scheduled to complete construction and go into operation this year and would produce 500,000tpa of electrical steel with the annual sales revenue estimated at RMB5 billion USD695 million, along with tax revenue of RMB500 million USD69.Asian Metal Copyright81 billion).

When fully operational, the project will be able to produce 1.2 million tonnes per annum of electrical steel, including high-grade non-oriented electrical steel, non-oriented electrical steel for NEV motor, oriented electrical steel, and high magnetic induction oriented electrical steel, with an estimated annual sales revenue of RMB16 billion (USD2.Asian Metal CopyrightOn March 1, an electrical steel project developed by Zhongpu Handan Electromagnetic Materials Technology Co.Asian Metal Copyright22 billion) and tax revenue of RMB2 billion (USD278 million), and it is expected to create 1,100 jobs.

The project consists of three phases and the phase one, which kicked off construction this time with an investment of RMB3.2 billion (USD445 million), is scheduled to complete construction and go into operation this year and would produce 500,000tpa of electrical steel with the annual sales revenue estimated at RMB5 billion (USD695 million), along with tax revenue of RMB500 million (USD69.Asian Metal Copyright46 million.Asian Metal Copyright46 million).

.Asian Metal Copyright When fully operational, the project will be able to produce 1Asian Metal Copyright