Construction began on July 23 for a project in Lanzhou New Area's new materials industrial park that will produce 400,000 metric tons of casting and forging products annually. Located in Lanzhou, Gansu province, the project marks a significant addition to the region's industrial capacity.

The project is being funded by Ruichang (Lanzhou) Equipment Technology, with a total investment of 2.26 billion yuan ($314.69 million). It will utilize scrap steel for smelting, casting and forging, creating high-end special alloy steel equipment castings and forgings.

Lanzhou New Area. [Photo/WeChat account: weiyougansu]

Construction will last for 19 months. After completion, the project is expected to achieve an annual operating income of 3.5 billion yuan.

The project will not only make better use of waste metal materials around Lanzhou New Area but also reduce urban pollution.

It will boost the integration of the urban mineral recycling industry and the high-end special alloy steel casting and forging industry in Lanzhou New Area, advance the construction of a clean, low-carbon, safe and efficient resource system, promote industrial upgrading, and make more efficient use of waste.