In its general meeting of shareholders on August 18th, Baoji Titanium Industry Co. Ltd approved a project to expand its capacity to make steel products. Due to the large capacity design, the project can generate 250,000tns of steel products apart from rolling titanium. The steel mill decided to use its own fund of CNY 80 million to expand capacity to build up a bar/wire rod hot rolling line. The annual profit is estimated to reach CNY 25 million with payoff period of some 5.2 years. The project is set to break ground in the end of this year and be completed in 2009.
