Jiangsu Province-based Chinese steelmaker Wujin Stainless Steel Pipe Group Co., Ltd has announced that, in order to adapt to market requirements, the company plans to invest RMB 216.55 million ($34.4 million) in building a project for the production of precision super-long stainless steel pipes in Changzhou, Jiangsu Province, with an annual output capacity of 3,500 mt. The project will optimize the product mix of the company and make the company more risk-resistant.
When the project is put into operation, it is expected to increase the annual sales revenues of Wujin Stainless Steel Pipe Group Co. by RMB 243.8 million ($38.6 million) and its gross profit by RMB 39.988 million ($6.4 million).
