Jiangsu Province-based Chinese stainless steel producer Yongjin Technology Group Co., Ltd. has announced that it plans to establish Zhejiang Yongjin Precision Technology Co., Ltd. and invest RMB 1.151 billion ($0.17 billion) in the construction of an industrialization project with an annual output of 100,000 mt of new precision metal materials (ultra-thin precision stainless steel and titanium strip). The project will be constructed in two phases - phase I with an investment of RMB 702 million ($102.6 million), having a designed capacity of 60,000 mt, and phase II with an investment of RMB 449 million ($65.6 million), having a designed capacity of 40,000 mt. The total construction period for phases I and II of the project is expected to reach 36 months.
Yongjin Technology Group Co. registered an operating revenue of RMB 9.849 billion ($1.4 billion) in the January-March period this year, up 4.91 percent year on year, while posting a net profit of RMB 126.18 million ($18.4 million) for the given period, up 20.47 percent year on year.
