On June 27, the groundbreaking ceremony of special metallurgical materials Ma'anshan base project of Baowu Special Metallurgy was held. With the total investment of about RMB2 billion (USD298 million), the project is planned to be constructed in two phases. In particular, with an covering area of about 28 acres, the first phase of the project mainly will build a 50-ton electric furnace, a 50-ton alloy melting furnace, as well as related off-furnace refining equipment, die casting production lines and others. It is expected to form an annual production scale of about 146,300 tons of steel ingots. It mainly produces nickel-based alloys, special structural steels, special stainless steels and special-grade die steels, which are widely used in defense and military industries, energy power stations, advanced transportation, construction machinery, petrochemicals, environmental protection and other industries. The first phase of the project is expected to be completed in October 2023.