Baosteel completes first phase of stainless steel project

Baosteel completes first phase of stainless steel project

According to recent news in the market, Chinese mill Baosteel Group's affiliate Shanghai No 1 Iron and Steel Co Ltd (BGYG) has recently completed first phase of its stainless steel project and now possesses world's leading carbon steel hot rolling technologies. The construction, which was commenced in September 2000, took two and a half year. For the project, company invested Yuan 11.78 billion ($1.42 billion). With the completion of the first phase, BGYG has now possesses a 1780 mm hot rolling production line with an annual capacity of 2.57 million tons of steel. This amount covers the average stainless steel production of 720'000 tons. With this technology, it is expected that China's need for imported stainless steel will diminish. According to certain experts, the company has world's most advanced stainless and carbon steel hot rolling production line. Meanwhile, second phase of stainless steel project has recently started.