Zhejiang Province-based Tsingshan Holding Group and Guangdong Province-based Guangxin Holding Group Co. LTD held a meeting with leaders of Guangdong Yangjiang municipal government on September 22, to discuss the companies’ investment in Yangjiang and the development of the local stainless steel industry. All parties agreed on the addition of 4 million mt of stainless steel capacity in Yangjiang via the installation of a 2,250 rolling machine. The new 4 million mt stainless steel capacity in Yangjiang is aimed at supporting Tsingshan’s 3 million mt ferronickel project in Indonesia.
Currently, the stainless steel capacity in Yangjiang amounts to 2 million mt, and the local nodular cast iron capacity totals 900,000 mt. The annual output value of alloy materials in Yangjiang will reach RMB 120 billion ($17.6 billion) by 2022.