Yongjin Group stated that the construction of the first phase of the second plant in Vietnam was started in the first half of 2023, and it was expected to be put into production in the second quarter of 2024, with an annual capacity of 260,000 tons of precise stainless steel.

The investment project will be constructed in three phases with a total investment of US$125 million. There will be one production line to supply AISI 300 series 2B finish of wide-width with an annual output of 180,000 tons and another one to produce AISI 300 series and AISI 400 series BA finish with an annual output of 80,000 tons.

In addition, Yongjin Group's investment plans in China include Guangdong Yongjin's production technology transformation project for wide-width precise stainless steel with an annual capacity of 350,000 tons, and Gansu Yongjin's plan for precise stainless steel production with an annual capacity of 220,000 tons, which was put into trial operation in August and will increase its BA finish production by 80,000 tons.

Besides, Zhejiang Yongjin's plan to relocate its precision stainless steel plant with an annual capacity of 195,000 tons will be put into production at the end of this year and the BA finish production will be increased.