It is reported that Minmetals XD Steel Processing & Distributing Co Ltd jointly invested by China Minmetals Corporation and Changzhou XD Transformer Co Ltd has laid a foundation ceremony for construction recently to produce silicon steel sheet aiming to meet the growing demands of electricity industry development.

The newly started project, located in Changzhou Zhonglou Economic Development Zone and with an overall floorage of 37,090 square meter will be built in 3 phases with an estimated investment of CNY 22.5 million and finally process 50,000 tonnes of oriented silicon steel and 20,000 tonnes of amorphous alloy iron core a year once completed.

It will realize annual revenue of CNY 1.2 billion to CNY 1.5 billion and pay CNY 50 million for VAT a big contribution to Changzhou's development.

China Minmetals Corporation achieved total operating revenue of USD 21.8 billion and CNY 71 billion of profits in 2007. In the same year, it for the first time edged into world top 500, ranking the 435th. – Changzhou Daily