China’s Taiyuan Iron & Steel (Tisco) plans to triple its stainless steel production and will look for joint ventures with domestic and international companies to achieve this goal, according to the company’s chairman Gao Xiangming.
TISCO aims to be the world’s largest stainless steel production company by tripling output from 4.2mn in 2020 to 15mn mt in 2023, and to 18mn mt by the end of 2025, Gao noted. He added that the company will focus on cost management by focusing on raw materials sourcing, improved technology, and streamlining products.
China Baowu Steel Group owns 51pc of the Shanxi-based company. The alliance with Baowu gave Tisco access to bigger markets in China and investment capital to improve operations. Tisco’s competitor, Tsinghan Holding presently has an annual capacity of 10mn mt of stainless steel, supported by its large-scale nickel production in Indonesia.