1Mtpa stainless products processing project to break ground in Wuzhou

On May 15, Guangxi Hongyi New Materials Co., Ltd. reached an agreement with the management committee of Guangdong-Guangxi Cooperation Special Pilot Zone in Wuzhou on developing a high-end stainless products deep-processing project with production capacity of 1 million tonnes per annum, for a total investment of around RMB1.8 billion (USD249 million),

The project will take advantage of the rich supply of stainless steel raw materials in Wuzhou to produce high-end stainless steel products, including casing and components for facilities used in the fields of molding machinery, electronic information, petrochemical engineering and new energy. The project, scheduled to become operational in July 2025, is expected to achieve an annual production value of more than RMB10 billion (USD1.38 billion).