Jiangsu Province-based Chinese steelmaker Yonggang Group Co. has announced that on February 17 it officially launched construction of its new steel bar project which has a planned annual output capacity of 2 million mt. The project, which will cost a total investment of RMB 1 billion ($159 million), will mainly produce high-end industrial steel bars, including spring steel, cold heading steel and bearing steel. The project involves the construction of two production lines. With production expected to start in March 2014, the project is expected to achieve an annual sales revenue of RMB 8 billion ($1.27 billion) and an annual pre-tax profit of RMB 800 million ($127 million) after completion