The government of Fujian in China has signed a strategic cooperation agreement with Baosteel to construct a new stainless steel production base called Baosteel Desheng Stainless Steel Co., Ltd in Luoyuan Bay. The project will be executed in collaboration with private sector enterprise Desheng Nickel Co. Ltd. The goal of this agreement is to build the world’s biggest environment-friendly stainless steel production base in an attempt to meet the construction needs of China’s developing economy. Total investment for the project is estimated at RMB 20 billion. Upon completion, the project is expected to reach an annual stainless steel output of more than 4 million mt by the end of 2015.
