On September 27, Fuzhou Economic and Trade Commission held a meeting in Fuzhou in China's Fujian Province to discuss stainless steel processing programs. At the meeting, officials of Baosteel subsidiary Baosteel Desheng stated that the company plans to expand its production capacity and become the world's most competitive stainless steel producer.
Baosteel Desheng was established in March 2011 according to the restructuring agreement signed by domestic steel giant Baosteel and Fujian Province-based Wugang Group Co.. Baosteel holds a 70 percent stake in Baosteel Desheng.
During the meeting, Baosteel Desheng revealed that it is targeting an annual production capacity of 1.5 million mt of slab by 2012, rising to 3 million mt by 2015