According to the Chinese steel giant Baosteel Group, its subsidiary Ningbo Baoxin Stainless Steel Co. (Ningbo Baoxin) has carried out a hot trial run at its new bright annealing furnace for stainless steel products. With its new furnace, Ningbo Baoxin plans to increase its share of the market for bright annealed stainless steel plate.
Construction work on the project started on July 16, 2010, while the total investment has amounted to RMB 600 million ($94.94 million). The annual designed capacity of bright annealed stainless steel products is 60,000 mt.
Ningbo Baoxin is a joint venture established with 34 percent investment from Japan-based Nisshin Steel and 66 percent investment from Baosteel.