Xiwang Special Steel Co., a subsidiary of Shandong Province-based China steelmaker Xiwang Group, has stated that one of its electric arc furnaces has temporarily stopped producing special steel products since April, to allow upgrading for stainless steel production at the furnace. With the decrease in special steel output, the steelmaker's financial results for the first half of this year are expected to be negatively affected.
Xiwang Special Steel has two 80 metric ton electric arc furnaces which produce special steel products, such as bearing steel, spring steel, and high-strength alloy steel. The company plans to spend eight months upgrading the two electric arc furnaces to meet demand for stainless steel. Upon completion, the steelmaker's overall annual stainless steel output capacity will reach 1 million mt.