The remaining 49% equities will be held by Chengde Iron & Steel Group which currently owns the coking project. The project which has an annual output capacity of 600,000 metric tons (mt) in the first phase is expected to start the second phase operation at the end of this year with production capacity of 1.1 million mt. The joint venture will be responsible for the project construction in the third phase that will have output capacity of 2.1 million mtpy bringing the project’s total capacity to 3.8 million mt.