An online ceremony was held on April 16th between TISCO and Xinhai which signed an agreement on a stainless steel production base cooperation project. TISCO high-level management, including Wei Chengwen, Li Hua, Shang Jiajun, Liu Pengfei and Li Jianmin, attended the ceremony from Taiyuan, Shanxi. The Chairman of board Wang Wenlong, the chief engineer Wang Jiusheng, and the general manager He Zhongyu of Linyi Xinhai New Material, attended the ceremony from Ju’nan, Shandong. Mr. Shang Jiajun from TISCO presided over the online signing ceremony.
Linyi Xinhai New Material Co., Ltd is a major nickel alloy producer who possesses the most efficient, environmental and cost-effective technology --- fully enclosed big scale submerged arc furnace RKEF technology. Its annual production capacity for FeNi is 1.44 million tons and it can generate 10 billion kWh electricity per year. The joint venture between TISCO and Xinhai New Material intends to construct a 300 series stainless steel production base that is featured with low cost and high efficiency. The production base is to apply the RKEF already installed by Xinhai to feed hot FeNi, which will generate considerable effect by significantly lowering the cost of transportation, power and production loss.