Xingmin Steel rim (002355. SZ) today announced that the company and Tangshan Yutian County People's government (hereinafter referred to as "Yutian County People's government") signed the investment agreement on November 9, 2010. The company will invest 700 million yuan, the production of high-strength steel wheel products. The production capacity of 7 million pieces of High-strength light steel wheels is formed after the two period is completed and put into operation. For the smooth progress of the project, the Yutian County People's government provided Tang Shan Xinghing Steel Rim Co., Ltd. certain preferential policies. The total investment of the project is 700 million yuan, covers an area of 384.12 acres, the main production of high-strength steel wheel products. The project is divided into two phases, one phase investment of 401.98 million yuan, covers an area of 253.14 Mu, the annual output of High-strength light steel wheels 5 million, the construction period from October 2010 to December 2011. The second phase of investment 298.02 million yuan, covers an area of 130.98 mu, annual output of 2 million, the expected construction period of December 2011 to December 2012. The production capacity of 7 million pieces of High-strength light steel wheels is formed after the two period is completed and put into operation.
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