Construction on Carredi’s mill to produce stainless-steel wire has started in China’s Yancheng city, Jiangsu province.
Annual production capacity of the plant will be 300,000mt of stainless-steel wire coils and 700,000mt of stainless-steel rods.
According to the Stainless steel council of China’s Steel enterprises association, the Carredi plant is a Sino- foreign joint venture, with an investment of CNY1bn.
Carredi Electric’s China operations are run out of Changzhou.
The plant will consist of a stainless-steel high-speed wire production line and a stainless-steel small bar production line.
The plant is expected to be completed in December this year.
Once operational, annual sales are forecast at CNY15bn.