Xinjiang Tianrui Continuous Casting Special Steel Group Co. has partnered with Xinjiang Production and Construction Group State-Owned Assets Management and Operation Co. to construct a special steel project with an annual output capacity of one million mt in Xinjiang. The new project will cost a total of USD 476 million. Phase one of the project, on which construction work has already started, will have an annual output capacity of 300,000mt at a cost of USD127 million. Construction of phase two will be carried out in March-October this year at a cost of USD 238 million.