Yongjin puts off commercial production of ultra-thin precision stainless steel strip project
2021-05-19 16:19:37 [Print]
On 18 May, Yongjin Corporation announced that the meeting of the board of directors and board of supervisors held on 17 May approved the proposal for postponing construction of a fundraising investment project, namely the 75,000-ton-per-annum ultra-thin precision stainless steel strip project.
Approximately RMB505.71 million (USD78.71 million) of the planned investment of about RMB1.18 billion (USD0.18 billion) was in place by the end of March 2021. The first production line went into commercial production at the beginning of 2021 and the second production line is in the installation and debugging stage of most equipment, except for imported equipment. Considering the long period taking from procurement of imported equipment to installation and debugging under the influence of COVID-19, the company decided to put off the commercial production date of the project to 28 February, 2022 from the original planned 30 April, 2021 based on deliberate research and reasoning.
Approximately RMB505.71 million (USD78.71 million) of the planned investment of about RMB1.18 billion (USD0.18 billion) was in place by the end of March 2021. The first production line went into commercial production at the beginning of 2021 and the second production line is in the installation and debugging stage of most equipment, except for imported equipment. Considering the long period taking from procurement of imported equipment to installation and debugging under the influence of COVID-19, the company decided to put off the commercial production date of the project to 28 February, 2022 from the original planned 30 April, 2021 based on deliberate research and reasoning.
