HEMARAJ, Thailand—China's largest steel cord maker Xingda started construction of facilities at its new plant in Hemaraj in September.
The plant, which spans about 1.8 million square feet with annual capacity of 100,000 tons, is fully owned by Xingda and has about $215 million earmarked for investment, according to a local government website.
Xingda currently has 7,000 employees with a portfolio covering bead wire, hose wire, and sawing wire besides steel cord. According to its website, it holds a 27 percent market share in China and an 18 percent share globally.
In the first half of 2017, Hong Kong-listed Xingda International Holdings upped its revenue by nearly 33 percent year-on-year to about $482 million. Gross profit over the same period rose by 48 percent to about $108 million.
"Alongside the macroeconomic environment and the continuously improving efficiency facilitated by the industry consolidation, the development of the radial tire cord industry in China also sustained the upward trend which had started from the second quarter of 2016," the firm said in its half-year report.