On November 17, two Chinese steelmakers, Jiangsu Province-based steelmaker Xinsheng Alloy Product Corporation Ltd. and Sichuan Province-based Zhongcheng Nonferrous Metal Corporation Ltd. signed an agreement with local government of Lushan County, Sichuan Province for a joint investment to Lushan County.
Accordingly, the two steelmakers will invest RMB 70 million ($10.5million) to build a new production line of 4500KVA refinery furnace nickel alloy and a stainless steel production line in Lushan County Industrial Zone, with an annual production capacity at 5,000 mt. It is expected that the project will be commissioned as of October, 2011. Upon completion, the project's output value is estimated to exceed RMB 160 million ($24 million).
Xinsheng Alloy Product Corporation Ltd is a Chinese ferroalloy manufacturer and produces various alloys in different categories, with an annual production capacity of 20,000 mt.