Italian steelmaker Marcegaglia is making its entry into the China market. The Mantua-based producer has announced that it will construct facilities for the production of precision tubes and cold drawn tubes, in both carbon steel and stainless, at Yangzhou near Shanghai.
The new facility will be located on a site of 700,000 square meters and will have an annual production capacity of 350,000 mt, 650 employees, and a turnover of €450 million. The agreement with the local authorities in China was signed on Wednesday, by Steno and Antonio Marcegaglia. The Italian company is to make an investment of €150 million in the new plant.