New shipbuilding stainless steel project to be built in Yangzhou, China

An agreement has been signed for the construction of a new project for the production of stainless steel for shipbuilding, expected to cost RMB 1.25 billion ($195.6 million), located in the district of Hanjiang in the city of, Yangzhou in Jiangsu Province, China.
 
The project, with a registered capital of RMB 250 million ($39 million), belongs to Chinese mining company Jiangsu Nikekafu Mining Co. It is expected the annual sales revenues of the project will reach RMB 4 billion ($626 million).