On October 27, construction work commenced on a new stainless steel industrial park in Lanzhou New Area in China's Gansu Province, as announced by local media in Lanzhou. Investment in the project is expected to total RMB 3 billion ($0.49 billion).
The new park will consist of four sub-projects: a stainless steel sheet project with an annual production capacity of 400,000 mt, a high-quality stainless steel products project with an annual capacity of 200,000 mt, a stainless steel tube production project with an annual capacity of 100,000 mt, and a common stainless steel products project with a capacity of 50,000 mt per year. Upon completion, the overall annual sales revenue of the park is expected to reach RMB 10.88 billion ($1.79 billion), with 2,490 new jobs expected to be provided.