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On September 28, a groundbreaking ceremony for a new project for the production of ferronickel and stainless steel structural sections was held in Dalian, Liaoning Province, China. The project, with a total investment cost of RMB 3.25 billion ($0.51 billion), is expected to produce 120,000 mt of ferronickel per year and 270,000 mt of stainless steel structural sections per year.
 
The project construction will be divided into three phases, which will take 10 months, eight months and 12 months respectively. Upon completion, the annual profit of the project is expected to reach RMB 940 million ($147.57 million).
 
Zhejiang Province-based Chinese companies Guanghui Metal Material Co. and Ningbo Great Group Co. are the investors