On the morning of June 13, Xinyang iron and steel project in Hejiang Circular Economy and Industry Park ignited its #1 electric furnace and started trial operation. Luzhou Xinyang Vanadium and Titanium Iron and Steel Co., Ltd. invested and constructed this project. By now, the company completed an investment of RMB2,300 million (USD358 million). This project will produce two million tons of alloy steel, high-quality steel, special steel, vanadium and titanium bearing high-strength steel and other products annually, reach an annual output value of RMB6,000-8,000 million (USD934-1,246 million) and pay taxes of about RMB600-800 million (USD93.42-125 million).