Eager to find a way out, Liaoning-based Ansteel Group opened a new steel plant in May for high-end steel products used in auto and home appliances manufacturing as the steelmaker seeks to improve its product offerings amid oversupply of low-end steel and weak demand. The new plant, based in Guangzhou, capital of southern China's Guangdong province, is part of a joint venture Ansteel formed with Guangzhou Automobile Group Co and ThyssenKrupp AG to tap into steel demand from automakers. Yao Lin, Ansteel's vice-president, said the first stage of the plant cost $230 million and aims for annual production of 450,000 metric tons of steel plates used in vehicles and high-quality home appliances. Trade ministers from G20 countries reached a consensus on strengthening the multilateral trading system earlier this month in Shanghai.