SteelOrbis Shanghai
On September 19 2008, the government of Xiangtang County in the Central China's Hunan Province signed a strategic cooperation agreement with local steelmaker Hualing Iron and Steel Co., Ltd. Under the agreement, Hualing Steel will construct a stainless steel production line and a longitudinal welded pipe production line, with a comprehensive production capacity of 700,000 mt per year.
According to a recent announcement issued by Hualing Steel, this agreement is just an agreement of intent regarding the use of land for the construction of the producer's future stainless steel production project, and does not fix a timescale for any upcoming project
The project in question is now subject to reviews by the company's board of directors and general stockholders' meeting as well as the approval of the relevant authorities. As a result, no strategy concerning the stainless steel program has been made by the company's directors, and is not expected to be decided until the end of the current year. As a result, the producer's stainless steel project is still clouded by uncertainty.