Beihai, located on the southwest coast of
China, has been indicating continuous growth and expansion in recent years, according to
China-based newspaper Beihai Daily. Development projects in the area currently exceed a value of RMB 10 billion ($1.54 billion), including the
stainless steel project of Guangxi Province-based Chengde New Materials Industrial Company, which is a subsidiary of Beihai Chengde Nickel Industry.
The first phase of the
stainless steel project was put into production in March this year, while
construction of the second and third phases is underway, with completion expected in early 2012 and late 2012 respectively.