Dafenggang Economic Zone, Shanghai Yatai Steel Group and Shanghai Jinchang Stainless Steel Tube Manufacturing Co., Ltd. have recently inked a cooperation agreement for the construction of a stainless steel project in Shanghai with a planned annual production capacity of 500,000 mt.
The two steelmakers in question are to invest a total of RMB 1.6 billion ($234.28 million) in the project which will have a registered capital of RMB 100 million ($14.64 million). The project is expected to achieve an annual pre-tax profit of RMB 300 million ($43.93 million) when it comes on stream.
Located in Shanghai's Jinshan district, Shanghai Yatai Steel Group mainly produces stainless steel products such as pipes, bars, billets, ingots and flanges. Meanwhile, Shanghai Jinchang Stainless Steel Tube Manufacturing Co., Ltd. is based in the eastern Fengxian district of Shanghai and exports products to over 50 countries and regions worldwide, including the US, Germany, the Netherlands, Switzerland, Brazil, Syria, South Korea, Hong Kong and Taiwan.