The government of the Chinese province of Fujian has inked a strategic cooperation agreement with Chinese steelmaking giant Baosteel to build a new stainless steel production base called Baosteel Desheng Stainless Steel Co., Ltd at Luoyuan Bay. The project will be implemented in collaboration with private sector enterprise Desheng Nickel Co. Ltd.
According to the agreement, the two sides aim to build the world's largest environment-friendly stainless steel production base to meet the construction needs of China's developing economy.
SteelOrbis has learned that the investment for the project will total RMB 20 billion. The project is expected to reach an annual stainless steel output of over 4 million mt by the end of 2015.