On November 11, Zhejiang Province-based Chinese steelmaker Jutai Special Steel Co. (Jutai Steel) and another Zhejiang-based steel producer Xufeng Steel Co. signed an investment agreement to build Hubei Wangtai New Material Technology Industrial Park in Yuekou, Tianmen in China's Hubei Province, with a total investment of RMB 2.9 billion ($475 million), as reported by Chinese media sources.
Wang Minghua, president of Jutai Steel, stated that the project will cover a total area of 1.33 million square meters and will include a stainless steel high-speed wire rod project with an annual output capacity of 300,000 mt as well as a nickel alloy processing project with an annual production capacity of 240,000 mt. After construction, the annual output value of the new stainless steel industrial park is expected to be RMB 30 billion ($4.92 billion).