Jiangsu Province-based Chinese company Jiangsu Delong Nickel Co., Ltd (Jiangsu Delong Nickel) plans to buy 100 percent of equity in Jiangsu-based steel company Xuzhou Chengri Iron and Steel Co., Ltd (Xuzhou Chengri Steel), as announced by local media sources.
In particular, Jiangsu Delong Nickel plans to invest RMB 1.6 billion ($0.23 billion) to demolish and reconstruct current equipment and upgrade production technology at Xuzhou Chengri Steel and build a stainless steel bar production line with an annual capacity of 700,000 mt.