China will build a recycled stainless steel production base in Xuchang. Approximately 12 billion CNY was invested in the said project. Moreover, according to officials, this is an important strategic project for the development of circular economy industries.
The major construction of this project includes a two-million-ton scrap electric furnace steelmaking workshop, recycled stainless steel hot rolling production line, and other facilities.
It was reported that after full operation, approximately more than 2 billion CNY tax revenue will be generated every year.