U.S.-based Carpenter Technology Corporation plans to construct a bar finishing facility in China to meet increased customer demand in Asia.
The wholly-owned facility is expected to be completed in 18-24 months at a total capital cost of about USD20 million. The facility will have initial capacity to process approximately 1,500 tons annually of premium small diameter bar. A final location has not yet been determined.
"The decision to build in China is being driven by rapid growth in that region of the world," said William A. Wulfsohn, Carpenter Technology's president and chief executive officer. "While the company's core production and knowledge strength will remain based in the United States, we will expand capacity in appropriate regions to support the local needs of our customers."