Baowu Steel, Shandong Xinhai ink deal on stainless steel project

The Baowu Steel Group has signed a memorandum of co-operation with Shandong Xinhai Technology Co to set up a stainless steel mill in Shandong province, according to a local media report late last week.

Once completed, the project, which costs 30 billion yuan ($4.43 billion), is set to have the capacity to produce 3.8 million tpy of stainless steel and 1.8 million tpy of nickel pig iron, according to the report.
Both Baowu Steel and Shandong Xinhai have not disclosed any timeline for the project.

Presently, Baowu Steel produces stainless steel via its subsidiary Ningbo Baoxin Stainless Steel, which has the capacity to produce 500,000 tpy of 400-series products, as well as its 1.5 million-tpy Shanghai...

Published

Ellie Wang

Jessica Zong

July 24, 2017

07:14 GMT

Shanghai