In early October, Pangang announced that it had started construction on its Xichang vanadium & titanium resources utilization project. The Sichuan-based steel group is expected to put CNY 17.141 billion into it. The first stage project will have an annual capacity of 4.2 million tonnes of pig iron, 3.6 million tonnes of crude steel and 3.5 million tonnes of hot rolled sheet. The new base would double Angang Group’s current annual sales revenue to CNY 60 billion after it is completed.
