China's Biggest Stainless Steel Plant to Operate in One YearThe Shanghai Krupp Stainless Co, a US$1.43 billion Sino-German joint venture, is expected to be operational in a year, the company said Thursday, November 30.The company began to install the production equipment Thursday. The initial project of the company has a designed capacity of producing 72,000 tons of stainless steel sheet and strip steel annually. Agreement on establishing the company, the largest iron and steel joint-venture project in China, was signed in late 1997 between the Shanghai Pudong Iron and Steel Co. under the Baoshan Iron and Steel Group Co. and Thyssen Krupp Group Co. of Germany. Under the agreement, the Chinese side takes 40 percent of the joint venture's stakes while the German company has the other 60 percent. The company will reach its full capacity of producing 440,000 tons of stainless steel in 2006 when the four-stage project is completed. Stainless steel sheet is in acute short supply in China. |
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