Shanxi Province-based Chinese steel producer Taiyuan Iron and Steel Group (Taiyuan Steel) has announced that it plans to invest RMB 100 billion ($15.8 billion)in development programs during the government's 12th Five-Year Plan period (2011-15).
The president of Taiyuan Steel Li Xiaobo said that in 2011, the stainless steel production of the group is expected to rise to 3 million mt. Accordingly, the group also targeted a self-sufficiency ratio of 50 percent in main strategic resources such as iron ore, nickel, chrome and coal.