Jiangyin Xingcheng Special Steel Co.,Ltd recently initiated its new alloy materials project, with total investment of US$ 200 million. It is reported Hong Kong CITIC Pacific Ltd invested US$ 200 million on this project with registered capital of US$ 100 million.
They introduced world-class technology and equipments and targeted new alloy wire materials on solar energy monocrystal silicon cutting wire, high grade alloy spring steel wire, high class cord thread and suspension spring.
The technology will reach international leading level and their products will replace imports. This project is estimated to be completed in the second quarter of 2013, and after being put into operation, the annual production capacity will realize 200,000 tonnes. Besides, their annual sales revenue will achieve CNY 3 billion and the pre-tax profits will be CNY 300 billion.