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The Chinese auto market has now become a hot spot for many steel companies to invest in. Since 2010, according to incomplete statistics, steel companies invest in Auto Parts projects:
On June 4, 2010, Yantai Baosteel Wheel Company laid a ground-breaking ceremony in Shandong Yantai Auto Parts Industrial Park. The first phase of the investment was 140 million yuan, and the annual output was 1.25 million wheels, and eventually 3 million passenger cars and 50 will be formed. The production capacity of 10,000 commercial vehicle steel wheels.
On June 21, 2010, Hebei State-owned Assets Supervision and Administration Commission entrusted Hebei Iron and Steel Group with the 100% state-owned equity of Xuangong Machinery held by Hebei State-owned Assets Holdings Co., Ltd., which is an important production enterprise in China's construction machinery industry.
On June 27, 2010, Shougang Jingxi Heavy Industry Fangshan Base Shock Absorber Plant was completed and installation of equipment was started. The first phase of the investment was 2 billion yuan, and annual production of 4 million shock absorbers. The plant will supply shock absorbers to domestic automakers such as Geely and Beiqi Foton.
At the same time, Wuhan Iron & Steel also announced that it will enter the auto parts industry. It will establish a joint venture with Chery Automobile to build an auto parts production base. It is expected to start production in 2011.
In May 2010, Nippon Steel Corporation, a trading company under the Nippon Steel Corporation, is actively preparing for entry into the Chinese auto parts market and is preparing to invest 1.5 billion yen in auto parts processing in Shanghai.
Many Chinese steel companies have invested heavily in auto parts and components industry since 2010