Construction of New Baoshan Steel Project StartsConstruction 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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