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Yongjin terminates to invest Indonesian stainless steel plate and strip project

Yongjin Corp. previously disclosed that the company jointly invested with its then affiliated party Qingzhan Industry to establish a project company in Indonesia to construct 700ktpa wide cold-rolled stainless steel plate and strip project. In October 2022, the project company completed the industrial and commercial registration procedures in Indonesia. As of now, the project has not yet started construction. Due to factors such as industrial policies, trade policies and market demand, both parties jointly decided to terminate their investment in the project and agreed to cancel the project company. The company plans to terminate its investment projects in Indonesia.