0.2 million mt capacity stainless steel project to be built at Luxi, China

Wednesday, 28 July 2010 17:14:51 (GMT+2)

A stainless steel production facility with an annual capacity of 0.2 million mt is to be built at Luxi County in the Chinese province of Hunan, according to a statement released on July 27 by the Commerce Bureau of Luxi County.

The project is in line with Luxi County's policy to adjust it steel product mix and to welcome the relocation of stainless steel facilities from coastal areas. Ningbo Quanxing Investment Industries Co., Ltd, which is located on the eastern coast of China, will relocate its stainless steel facility with an annual capacity of 0.2 million mt and its hot rolled coil (HRC) production line with an identical capacity to Wuxi Industrial Park in Luxi, with a new company called Shunxing Stainless Steel Co., Ltd to be established for this purpose.

The total investment involved is RMB 300 million. After the project is completed, the new facility's sales revenues will be RMB 2 billion a year and 1,200 jobs will be created.  

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