Shanghai-based Baoshan Iron & Steel said it plans to invest Yn12bn on new production lines. Half of the amount will be spent on equipment to produce cold-rolled coil, used for car panels, and the rest on rolling and casting machines for heavy plate. Both lines are due to be completed in 2005. The investment would make it the first domestic producer to make heavy plates wider than four metres, which are currently supplied by overseas rivals. Baoshan said it would finance the new projects with cash and bank loans.