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Stainless Steel Project Insured for One Billion U.S. Dollars
The No. 1 Steel Company under the Shanghai Baoshan Iron and Steel Group Co. recently purchased 8.2 billion yuan (nearly one billion U.S. dollar) in project insurance for the upgrade, construction and installation of its stainless steel smelting and hot-rolling production facilities.
The People's Insurance Company of China, one of the country's major insurance companies, is the chief underwriter. The other underwriters are the China Pacific Insurance Co. and the Dazhong Insurance Co.
A spokesman for the company said the completion of the project, which was approved by the Chinese government, will make the No.1 Steel Company China's largest producer of stainless steel.
The company said its stainless steel output will amount to 1.3 million tons a year in three years' time, while the company's annual production capacity for molten iron, steel and coiled sheets is expected to reach 2.32 million tons, 2.57 million tons and 2.4 million tons respectively.
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