Posted on 18 Aug 2022
Zhejiang Tsingshan Digital Technology Co Ltd, a subsidiary of Tsingshan Holding Group, plans to kick off a new 700,000 tonnes/year stainless steel project on the Jinboyu island in East China's Zhejiang province, a market source close to the project confirmed on Tuesday.
The project will be developed in two phases with the investment totalling Yuan 1.5 billion ($221 million). The first phase is expected to kickstart in November this year and will complete the installation in March 2024. It aims to build a stainless mill with the capacity of stainless cold-rolled coil reaching 700,000 t/y after completion.
And the company plans to begin construction on the second phase in July 2024, to start trial production in November 2025 and begin commercial production in December 2025.
By then, the mill can produce 150,000 t/y of stainless finished products, such as no fingerprint black titanium, scrub, 8K and vacuum titanium, according to a market source in Shanghai.
The project will rely on its shareholder Tsingshan Holding Group's advantages in upstream raw material resources and finished products sales. And the project's environmental impact assessment report is now under the approval process of the local government's environmental department, Mysteel Global learned.
"The project schedule is still under planning," the market source close to the project told Mysteel Global, but he declined to disclose further details.
Zhejiang Tsingshan Digital Technology Co, located in Zhejiang's Zhoushan, was founded in September 2020, Mysteel Global noted.
Tsingshan Holding Group, the world's leading stainless producer headquartered in Zhejiang, is capable of producing over 10 million t/y of crude stainless steel and 300,000 t/y of nickel metal.
The steel giant not only operates production bases in Zhejiang, Southeast China's Fujian, South China's Guangdong, but also in Indonesia, India, Zimbabwe and the U.S., according to the company's official website.
Source:Mysteel Global
