SinoCast Daily reported that Xinxing Ductile Iron Pipes Co Ltd plans to spend CNY 9 billion expanding current steel company in India and it is set to build a pellet company with a designed capacity of 300,000 tonnes in the Middle East.

Data show that Xindia Steels Limited that Xinxing Ductile Iron Pipes and China Minmetals Corporation jointly built in India had put 800,000 tonnes of pellets into production in September this year after a three year construction.

The sources unveil that Xinxing Ductile Iron Pipes will form a production capacity of 3 million tonnes of steel with an investment of around CNY 9 billion in India in the coming two to three years.

Pellet project of the Phase I of the India steel plant has run for three months and brought in over CNY 10 million profits. The profits next year are estimated to reach about CNY 150 million.

Xinxing Ductile Iron Pipes Co. was established in May 1997 with registered capital being CNY 1.92 billion. It is principally engaged in manufacture of centrifugal ductile cast-iron pipes and related products and smelting and pressing of iron and steel.

(Sourced from SinoCast Daily Business Beat via Comtex)