Minerals Technologies Inc announced today that its subsidiary, Minteq International, will build an automated plant in China for the production of refractories products, which are used primarily in the steel industry.
The New York-based company will spend approximately $14 million for the construction of the facility in Kunshan, which is about 50 kilometres from Shanghai amid a cluster of 15 steel mills.
“In the past 10 years, China has emerged as the world’s leader in steel production. In 2003, China’s steel production increased 20 percent to more than 220 million tons, more than the United States and Japan combined,” said Paul R. Saueracker, chairman, president and chief executive officer.
“Since steel accounts for more than half of the refractory materials consumed worldwide, we are constructing this new facility to position the company to service the Chinese steel market,” continued Saueracker. “This project is a continuation of our stated strategy to attain a stronger presence for our refractory products in Asia.”
“In addition to producing refractory materials in China, we will be closer to our supply of two key raw materials, magnesia and bauxite,” said Alain Bouruet-Aubertot, senior vice president and managing director, Minteq International.
“The proposed plant in Kunshan will have the capacity to produce about 100,000 tons of monolithic refractory materials and we expect it be become operational by mid-2005,” added Bouruet-Aubertot.