Dafenggang Economic Zone, Shanghai Yatai Steel Group and Shanghai Jinchang Stainless Steel Tube Manufacturing Co. Ltd have inked a cooperation agreement for the construction of a stainless steel project in Shanghai with a planned annual production capacity of 500,000mt. The two steelmakers in question are to invest a total of RMB 1.6 billion in the project which will have a registered capital of RMB 100 million. The project is expected to achieve an annual pre-tax profit of RMB 300 million when it comes on stream.
