On October 17, Xintai held a meeting for on-site dispatching of the relocation of Sinosteel Xingtai Machinery & Mill Roll.

Zhang Zhifeng, vice mayor of Xingtai, attended the meeting and stressed that Xingtai Development Zone must spare no efforts and Sinosteel Xingtai Machinery & Mill Roll must speed up to ensure that the relocation work will be completed on schedule and the city could bid farewell to the days that iron and steel smelting, rolling and casting enterprises concentrated in major city area of Xingtai.

Sinosteel Xingtai Machinery & Mill Roll Relocation and Upgrading Cooperation Framework Agreement was signed on September 20, 2020. This project is located in Xingtai Economic Development Zone, covering a planned area of over one million square meters. With the total designated investment of nearly RMB10 billion (USD1.50 billion), the project would move forward in two phases and its general engineering design will be finished in 2021. Phase I of the project will build the first digitalized and intelligent rolling plant around the world and a national coking machines cloud service platform. Phase I has an annual designed output of 204,000t and could achieve annual sales proceeds of about RMB8-10 billion (USD1.20-1.50 billion) and profits and taxes of over RMB1.5 billion (USD225 million). Phase II of the project will build high-end special corrosion-resistant wear-resistant high temperature resistant forgings production lines. After completing construction and reaching capacity, Phase II will achieve sales proceeds of about RMB15 billion (USD2.25 billion) and profits and taxes of over RMB2 billion (USD300 million).