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Billions Spent on Hot Rolling Project
A large state iron and steel company started a hot rolling project last week in this capital of central province of Hubei, with a total investment of 5.8 billion yuan (699 million US dollars).
The project is an attachment to the third steel plant of Wuhan Iron and Steel Company. The plant has the highest degree of automation techniques for making steel in the country, according to Liu Benren, general manager of the company.
After its completion in 2002, the project will annually turn out 3.5 million tons of steel of various types, which need to be imported for the domestic market.
The key equipment and technologies will be introduced from abroad via international bidding, Liu said.
The company will invest an additional 20 billion yuan (US$2.4 billion) in next five years for technical renovations, Liu added.
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