CHONGQING: Anshan Iron and Steel Group Corp (Ansteel) and Belgium-based Bekaert have opened a 1.5 billion yuan production plant for steel cord products in Chongqing, Southwestern China, to meet the rising demand for steel cord products used for tire reinforcement.

The plant, a 50-50 joint venture between the Chinese steel maker and the global leader in advanced metal transformation, materials and coatings, is expected to have an annual production capacity of 100,000 ton.

"Chongqing is rapidly transforming into a new automobile metropolis. With the joint venture plant, Ansteel and Bekaert are responding to the rising local demand for steel cord products for tire reinforcement," said Baron Paul Buysse, chairman, Bekaert.