Private-funded stainless plant operational in China
One of Chinas largest private-funded stainless steel smelting plants Yantai, Shandong-based Baohai Steel Co. Ltd launched formal production on March 17, 2005. The plant yesterday successfully produced its first hot molten steel as well as its first batch of stainless steel tube blank. Two private enterprises in Hebei province as well as one private-funded enterprise in Yantai injected capital of RMB 160 million ($19.3 million) in the project. The plant, itself actually a renovated 10-year old steel plant, will produce stainless steel wire rod, bar products, angle, flat, narrow strip as well as stainless steel tube blank.