Jiangsu Province-based Wujin Stainless Steel Pipe Group Co., one of the largest stainless steel pipe producers in China, has announced that it plans to issue 50.5 million shares to raise a total of RMB 448 million ($72.5 million) to fund three expansion projects.
The three projects include a project for the production of stainless steel welded pipes for oil and natural gas transportation with an annual output capacity of 6,000 mt, a special stainless steel pipe project with an annual output capacity of 3,500 mt, and also the upgrading of its research and development center.
As of March 31, 2011, the total registered capital of the company was RMB 150 million ($24 million). The company is one of China's largest manufacturers of stainless steel seamless pipes, stainless steel welded pipes, and of stainless steel pipe fittings and flanges, with respective annual output capacities of 25,000 mt, 25,000 mt and 10,000 mt. The company is a supplier of China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), China National Offshore Oil Corp. (CONNC), and Shenghua Ningxia Coal Group.