Zhejiang Province-based Chinese steelmaker Taigang Stainless Steel Group Co., Ltd has issued details of its investments in two stainless steel projects - a stainless steel technology R&D center and a cold rolled stainless steel in-depth processing project.
Construction started on the stainless steel technology R&D center in question on September 25 this year and is expected to be completed by June 2013. The R&D center, in which the total investment will be RMB 800 million ($128 million) and which will have an anticipated annual output capacity of 20,000 mt, will mainly produce hot rolled precision stainless steel strip of 0.05-1.0 mm thickness and 1.000-1,250 mm width.
Meanwhile, the cold rolled stainless steel in-depth processing project, in which total investment will amount to RMB 4 billion ($642 million), is expected to achieve an annual operating revenue of RMB 9 billion ($1.44 billion) and an annual pre-tax profit of RMB 440 million ($70.6 million) after completion. The given project is designed to produce 500,000 mt of cold rolled stainless steel coil of 0.15-3.0 mm thickness and 800-1,600 mm width.