Xiamen Xiangyu Group’s 2.5mn mt integrated stainless steel smelting project is likely to commence its operations in Indonesia by first half of 2020. The project will entail an investment of CNY6.88bn ($983.63mn).
The integrated stainless steel smelting facility is located at Virtue Dragon Industrial Park in Southeast Sulawesi, Indonesia. It comprises 2.5mn mt of stainless steel smelting plant, a thermal power plant with a total installed capacity of 1,440 MW, and a multi-purpose terminal with an annual throughput of 40mn mt.
Xiangyu’s project in Indonesia is a part of China’s ‘Belt and Road’ initiative which involves developing infrastructures and investing in 152 countries and international organisations. The facility will improve local infrastructure conditions, create jobs and promote economic development in Indonesia, according to the company.