Shandong Province, China-based Xinhai Industrial Co., Ltd, a subsidiary of Taigang Stainless Steel Co., Ltd (Taigang Stainless Steel), plans to acquire 1.16 million mt of steelmaking capacity from Hubei Province-based Wuhan Iron and Steel and Shanghai-based Baosteel Special Steel, aiming to build and operate a 1.62 million mt stainless steel project (in the first phase).
The project will become a low-cost and high-efficiency production base of 300 series stainless steel following the completion of construction.