Panzhihua Steel & Iron Group (Pzhsteel), one of the nation's largest steel and iron manufacturers, has commenced on its RMB 490 million titanium sponge project in Panzhihua Vanadium and Titanium Industrial Park last Friday, according to Shanghai Securities News.
Located in Western China's Sichuan province, the new plant is capable of producing 5,000 ton of titanium sponges. The construction period will span eighteen months and the new plant is expected to start its operations by the end of 2008. The new plant is expected to bring an annual sales revenue of RMB 700 million.
Pzhsteel will be integrating state-of-art technologies to the titanium sponge plant, which will form a titanium production chain, with the addition of a titanium slag plant and chloro-alkaline plant built by the company. The project is one of the greatest progress in titanium production, said Yu Zisu, general manager of Pzhsteel.
Pzhsteel started its operations in 1970 and became China's largest vanadium steel and railway steel producer. The group consists of three listed companies, including Panzhihua New Steel & Vanadium Co. Ltd, Pangang Changcheng Special Steel Co. Ltd, and Chongqing Titanium Industry Co. Ltd of Pangang Group. – China Knowledge
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