Xinjiang-based Chinese steel producer Yili Steel has announced that it plans to increase its annual steel production capacity from 570,000 mt to 1.4 million mt in 2012. In addition, company chairman Zhang Yucheng has stated that Yili Steel will achieve a steel output capacity of 2 million mt by 2013.
The capacity increases will be achieved within the scope of Yili Steel's technology upgrade project which will cost an estimated RMB 5.46 billion ($869 million) in total investment. The project covers Yili Steel's sintering, iron-making, steelmaking, steel rolling and continuous casting facilities.