Zhejiang Tsingshan Digital Technology Co., Ltd., a subsidiary of Tsingshan Holding Group, announced plans to build a new stainless steel plant in Zhejiang province with an annual capacity of 700,000 tons.

The project will be divided into two phases with a total investment of RMB 1.5 billion. The first phase was expected to start in November this year and be completed in March 2024. Once completed, it was expected to produce 700,000 tons of cold-rolled coil annually.

The second phase of the project was scheduled to start in July 2024 and will be in trial operation in November 2025, and officially in operation in December 2025. After its completion, it can produce 150,000 tons of stainless steel finished products per year.