Toong-Rong Iron & Steel of Taiwan plans to build a stainless steel plant in Shanghai, said Shanghai Daily. The plant, which has yet to receive final approval, will have a capacity to produce 60,000 tonnes of stainless steel a year. It would be China’s third largest stainless steel plant after Shanghai Baoshan Iron and Steel and Shanghai Krupp Stainless, a joint venture between Baoshan and ThyssenKrupp of Germany.
China imports as much as 80 per cent of the stainless steel it uses each year.