Baosteel (Baoshan Iron & Steel) (600019.SH), China's largest steelmaker, said Monday it will spend US$48.10 million (RMB330 million) building a steel can factory in Chengdu, the capital of Sichuan province, China Business News reported. Situated in the city’s Xindu Industrial Development Zone, the plant will be capable of making 460 million steel cans worth US$43.73 million (RMB300 million) a year. It will supply well-known beverage makers including Coca-Cola (KO.NY), PepsiCo (PEP.NY), China Resources Snow Breweries (0291.HK) and Yanjing Beer (000729.SZ). Baosteel is currently the only steel can manufacturer in China. More beverage makers are switching from aluminum cans to steel cans because they are between half and one RMB cent cheaper to produce. China consumes 12 billion cans a year.