Chinese stainless steel manufacturer Yongjin Technology Group Co., Ltd. from Jiangsu Province announced that it plans to establish Zhejiang Yongjin Precision Technology Co., Ltd. and invest 1.151 billion yuan ($0.17 billion) to build an industrialization project with an annual production capacity of 100,000 tons of new precision metal materials (ultra-thin precision stainless steel and titanium strip). The project will be built in two phases - Phase I with an investment of 702 million yuan ($102.6 million), with a design capacity of 60,000 tons, and Phase II with an investment of 449 million yuan ($65.6 million), with a design capacity of 40,000 tons. The total construction period for Phases I and II of the project is expected to be 36 months.
Yongjin Technology Group Co. recorded operating revenue of 9.849 billion yuan ($1.4 billion) between January and March this year, up 4.91% from the previous year, and net profit for the period was 126.18 million yuan ($18.4 million), up 20.47% from the previous year.
