Bekaert (Qingdao) Wire Products Co Ltd is located in Qingdao West Coast New Area. [Photo/WeChat ID: qdxihaianfabu]

Bekaert (Qingdao) Wire Products Co Ltd, which was registered and established in Qingdao West Coast New Area (WCNA), added an additional investment of $50 million to expand production.

With the investment, Bekaert Qingdao plans to build a galvanized aluminum alloy steel wire production line with the world's most advanced technology, the highest environmental protection standard and the largest single-building scale at its location in Qingdao WCNA.

The project is expected to start construction before the end of the year and be put into operation by the end of 2023.

The investment will increase Bekaert Qingdao's registered capital by $30 million, making the company's second capital increase since its registration in 2011. Its registered capital has increased from the initial $33 million to the current $75 million.

Bekaert Qingdao is mainly engaged in the research and development, manufacturing and sales of steel wire products. Its parent company, Bekaert Group, is a large Belgian multinational company that was founded in 1880. With yearly sales of 4 billion euros ($4.36 billion), Bekaert Group offers two key patented technologies: metal deformation and coating.