The Panzhihua Iron and Steel Group has reached a framework agreement with local government on building a vanadium titanium steel production facility in Xichang, a city in southwest China's Sichuan province.

　　 The Sichuan-based steel producer plans to invest 15 billion yuan (US$2 billion) in the project. The company expects the project to be able to produce four million tons of iron, 3.6 million tons of steel, 3.5 million tons of hot-rolled steel plates and vanadium slag, and 200,000 tons of vanadium titanium steel per annum in about three years. – Antara