500000 tonnes stainless steel project to be built at Shanghai

It is reported that Dafenggang Economic Zone, Shanghai Yatai Steel Group and Shanghai Jinchang Stainless Steel Tube Manufacturing Co Limited have recently inked a cooperation agreement for the construction of a stainless steel project in Shanghai with a planned annual production capacity of 500,000 tonnes.

As per report, the two steelmakers in question are to invest a total of CNY 1.6 billion in the project which will have a registered capital of CNY 100 million. The project is expected to achieve an annual pre tax profit of CNY 300 million when it comes on stream.

Located in Shanghai's Jinshan district, Shanghai Yatai Steel Group mainly produces stainless steel products such as pipes, bars, billets, ingots and flanges.

Meanwhile, Shanghai Jinchang Stainless Steel Tube Manufacturing Co Limited is based in the eastern Fengxian district of Shanghai and exports products to over 50 countries and regions worldwide, including the US, Germany, the Netherlands, Switzerland, Brazil, Syria, South Korea, Hong Kong and Taiwan.