China’s Zhejiang Yongjin Metal plans to build an ultra-wide precision cold-rolled stainless steel plant with 260,000mt processing capacity in Thailand. The expected investment for the project is CNY502mn and construction is expected to start in 2022.
Zhejiang Yongjin plans to transfer its production capacity to Gengtoufan Village from Lanxi city. The project in Gengtoufan will have produce 125,000mt cold-rolled stainless steel strip. Total investment for this project is around CNY864mn and the construction is expected to complete in December 2021.
The company produced 1.22mn mt cold-rolled stainless steel in 2019, according to its annual report released on Monday.
Operational income of the company increased by 1.13pc to CNY15.82bn, while net profit increased by 0.48pc to CNY332.81mn.