Henan Province-based Chinese steelmaker Henan Xuyuan Stainless Steel Corporation Ltd has lately held a groundbreaking ceremony for its new stainless processing project which will have an annual output capacity of 100,000 mt.
Investment in the project will total RMB 500 million ($75 million). The main operations of the new facility will consist of the processing and sale of cold rolled stainless sheet and stainless pipe products.
Upon completion, annual output value is expected to exceed RMB 1.5 billion ($0.22 billion), with total pre-tax profits each year in excess of RMB 100 million ($15 million). The new facility is expected to create 300 new jobs.