Wujin Stainless begins construction on new steel pipe facility
Shanghai. July 29. INTERFAX-CHINA - Jiangsu Wujin Stainless Steel Pipe Group Co. Ltd., a medium-sized domestic stainless steel pipe producer, recently started construction work on a 50,000-ton stainless steel pipe production facility in Changzhou City, Jiangsu Province, a company employee told Interfax on July 29.
"Total investment in the facility will reach RMB 1.05 billion ($153.70 million), and it is not due to be completed until at least 2010," a Wujin Stainless employee, surnamed Jin, told Interfax.
"China's stainless steel pipe production capacity is in surplus, and the decision to expand could be seen as evidence of the company's optimism for China's stainless steel pipe demand in the next few years," an analyst surnamed Liu, from ChinaCCM.com, told Interfax.
Wujin Stainlesshas an annual stainless steel pipe production capacity of 50,000 tons at present.