The local government of the county of Wuping in Longyan city in China's Fujian Province has signed an agreement regarding construction of a cold rolled stainless steel project costing a total investment of RMB 500 million ($79.37 million) with Foshan, Guangdong Province-based Chinese stainless steel company Foshan Nanhai SUMWIN Stainless Steel Co. (SUMWIN Co.). Construction is expected to commence in April.
Meanwhile, earlier this year the local authorities in the county of Wuping County approved the construction of what will be the largest stainless steel processing base in Fujian Province. The project will be divided into three phases with an overall investment of RMB 12 billion ($1.905 billion). Investment for the first phase will reach RMB 7 billion and its annual output capacity of stainless steel is expected to exceed 300,000 mt by the end of the current year and reach 800,000 mt by 2015.