Guangzheng Steel Structure filed its will invest 500 million yuan to build a construction material and steel structure production base in Wuhan, reports Shanghai Securities News.
The factory will be built in two phases and will take two years. The Urumqi-based company says it will be finished by the end of 2013 but did not give specific dates. Its annual capacity will total 120,000 tons and bring annual output value of more than 1.2 billion yuan.
Guangzheng will spend another 100 million yuan to form a wholly-owned subsidiary to see to the construction of another steel structure processing base in Wuhan. The facility will have 30 processing lines, for annual capacity of 30,000 tons of light steel structures, 30,000 tons of heavy steel structures, 30,000 tons of steel bridges, 10,000 tons of C/Z (light steel keels), and 20,000 tons of construction materials.
Local authorities have pledged to help Guangzheng purchase land for the bases by the end of 2011. The firm says the programs will improve the added value of its products and its overall competitiveness