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[Ferro-Alloys.com] 

Yongjin shares recently held a board of directors, the meeting deliberated and approved the “motion on foreign investment”, agreed that the wholly-owned subsidiary Jiangsu Yongjin as a controlling party (holding 51-70%) with domestic steel pipe industry has a high market brand influence and advanced technology enterprises, in Nantong high-tech industrial development zone investment and construction of 100000 tons of stainless steel pipe and accessories project, the project company tentatively named “Jiangsu Yongjin stainless steel pipe co., ltd”.

The total investment of the project is about 1.05 billion yuan (including fixed assets investment of 558 million yuan), divided into two phases. Among them, the construction period of the first phase project is 15 months, the estimated equipment investment is not less than 120 million yuan, the construction period of the second phase project is 24 months, and the estimated equipment investment is not less than 309 million yuan.