The National Development and Reform Commission recently approved the steel casting and forging localization renovation project of China First Heavy Industries (CFHI). The $315 million project, expected to complete construction in two and a half years, will be one of CFHI's largest fixed-asset investment projects with the shortest construction period. Upon completion, CFHI will become one of the largest steel casting and forging foundries in the world.
According to the NDRC, the project will boost CFHI's annual output of molten steel from the current 250,000 metric tons to 500,000 metric tons; forged pieces will be increased from 120,000 metric tons to 240,000 metric tons; and cast pieces will be increased from 30,000 metric tons to 60,000 metric tons. The production class will be promoted to the highest level in the world, namely 700 metric tons of molten steel at one time, maximum steel ingot at 600 metric tons, maximum casting 500 metric tons and maximum forging piece at 400 metric tons, in order to meet the urgent need for large casting and forging products for construction projects in nuclear power, thermal power, hydropower, shipping and petrochemical industries. While carrying out systematic technical renovation on the existing production facilities, 84,455 square meters of workshops will be built, and 206 sets of equipment will be added.
In addition, the Chinese government will provide $34 million from the central government's budget to support the construction of the project.
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