Chinese stainless steel producer Zhejiang Yongjin plans to take its production capacity to 3.5mn mt, with an estimated output of 3.2mn mt by the end of 2023. The company at the end of 2020 had a 1.8mn mt annual production capacity of precision cold-rolled stainless steel and storage output of 1.65mn mt, according to Guangdong Stainless Steel Materials and Products Association.
In 2021, the company plans to ramp up the capacity to 2.15mn mt with the relocation project of a 125,000mt plant and commissioning of a 75,000mt plant. The company also plans to utilize 100pc production capacity at Guangdong Yongjin and Qingtuo Shangke.
The company’s long-term plan is to raise its capacity to 2.9mn mt by the end of 2021, with a 320,000mt project in Guangdong Phase II and 250,000mt at Vietnam’s Yongjin, among others.