TISCO announced on June 24 that its subsidiary, Xinhai Industry, intends to acquire 1.16 million tons of steelmaking capacity from WISCO and Baosteel Special Steel for the construction and operation of the stainless steel project (phase I) of 1.62 million tons with the total amount (including taxes) of 771 million yuan (115 million US dollars). The project is expected to become the low-cost production base for 300 series stainless steel of the company.