December 5, 2007 -- China First Heavy Industries (CFHI) will start its steel casting and forging base project, which was authorized by the National Development and Reform Commission recently.

The scheduled investment of the 2.5-year project is 2.3 billion yuan(US$310.7 million), and the Chinese government will grant it 250 million yuan.

The project will reform production technologies, build workshops covering an area of 84,455 square meters, and buy in 206 key equipment units.

Upon completion, the project is expected to allow the company to provide 500,000 tons molten steel, 240,000 tons forgings, 60,000 tons steel castings every year, to meet the developing requirements of various industries in China.

CFHI is a leading plant equipments provider in the country.

Source: Asia Pulse