On August 6, Wuwei, Gansu Province-based Chinese steelmaker Wuwei Jinan Special Steel Co. started construction of facilities which will produce stainless and alloy steel billet and stainless wire rod. The new facilities are being built in Wuwei New Energy Equipment Manufacturing Industrial Park.

The total investment in the project will reach RMB 110 million ($17.08 million), while construction will last two years. Upon completion, the project will annually produce 200,000 mt of 201-304 series stainless steel round billets, 50,000 mt of alloy steel billets and 50,000 mt of 6-10 mm hot rolled stainless steel wire rods per year.