Shandong Province-based Chinese steel producer Hualu Iron and Steel Company (Hualu Steel) has announced that it has signed an agreement with the branch of state-owned China Merchants Group in Xingping, Shandong for the construction of a jointly-invested new high corrosion-resistant composite plate production facility.
The project, based in Xingping and in which the total investment will be RMB 2.24 billion ($355.56 million), is expected to have an annual production capacity of 1.2 million mt.