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Construction of New Baoshan Steel Project Starts
Construction of a 1.3 billion- yuan stainless steel production project started Saturday in Ningbo, this coastal city in east China's Zhejiang Province.
The project, the Baoxin Stainless Steel Works with the Shanghai- based Baoshan Iron and Steel Company taking 54 percent of the stakes, is designed to produce 80,000 tons of cold-rolled stainless steel sheets annually.
When the construction is completed in April 2003, Baoxin will have a total production capacity of 160,000 tons of high-quality cold-rolled stainless steel sheets a year.
The project is a Sino-Japanese joint venture, with three Japanese companies holding 34 percent of the shares.
As China's supply of high-quality stainless steel falls short of demand, major Chinese steel works have started to put more investment to expand production.
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