The 3.45Mtpy premium special steel capacity replacement scheme announced by Quzhou Yuanli Metal Products Co., Ltd. has been approved by the Economy and Information Technology Department of Zhejiang. It was previously made public during which period no rejection to the scheme was received.

According to the scheme, the company plans to close five 70-ton rotating furnaces for steelmaking capacity of 5 million tonnes per year (Mtpy) and transfer 200,000 tpy of capacity to Taizhou Huadi Industrial Co., Ltd. (180,000tpy for the replacement), with 5.18Mtpy in total to be shut down. The company will build three new 100-ton rotating furnaces for a combined capacity of 3.45Mtpy, with construction to kick off in 2023 and production to begin in 2025. The replacement ratio is 1.5:1.