On 28 February, Jiangsu Xingda Steel Tyre Cord Co., Ltd. started construction of its 350,000-ton-per-annum high-performance radial tyre steel cord expansion project.

In October 2020, the company decided to invest RMB3.6 billion (USD0.56 billion) in the 350,000-ton-per-annum high-performance radial tyre steel cord expansion project, which will be constructed in two phases. The first phase project with an investment of RMB1.6 billion (USD0.25 billion) will have an annual production capacity of 150,000 tons of steel cord.