A groundbreaking ceremony for a new high-quality metal materials production project was held in Dainan town, Xinghua, Jiangsu province, on July 16.
An aerial view of Xinghua. [Photo/WeChat account: xinghuafabu]
Covering an area of 60 mu (4 hectares), the project is based on a total investment of 680 million yuan ($100.47 million) by Zhongteng (Jiangsu) New Material Technology.
The company plans to produce advanced stainless steel wire, welding materials, and high-strength spring wire, and also build a fastener-equipment base. Once operational, the project is expected to achieve an annual production capacity of 30,000 metric tons of special alloy fine wire, generating an estimated annual output value of 700 million yuan.
Following two earlier projects in Dainan, this new investment will rely on proprietary equipment to overcome technical hurdles.
Together, the three facilities are expected to form one of East China's largest and most advanced processing bases for stainless steel and special alloys to narrow the gap in high-end products and attract suppliers.