BEIJING, Dec. 24 -- Large-scale state-owned enterprise China Xinxing Ductile Iron Pipes Group Co., Ltd. plans to invest 3.0 billion in Fuyang city, Zhejiang Province over the next three years and to build a project with annual output of 300 kt of cathode copper and 150 kt of high-end copper products through deep processing. After the completion of the project, it is expected to achieve sales of more than 20 billion yuan, profits and taxes of 2.5 billion yuan. 

     This is the core of the strategic cooperation agreement signed by China Xinxing Ductile Iron Pipes Group Co., Ltd. with Fuyang city government in Hangzhou on 22nd. 

     The mayor of Hangzhou Cai Qi met the chairman of Xinxing Ductile Iron Pipes Group Liu Mingzhong and said that Xinxing Ductile Iron Pipes Group has strong economic strength, while Fuyang the "western suburb park" in Hangzhou and is the most powerful county (city) in Hangzhou, and believed that the cooperation between the two sides will play a positive role in adjusting industrial structure, increasing the total volume and fostering growth points. 

     Cai Qi hoped that the cooperation projects should focus on energy reduction and brand building, and strive for becoming a provincial and even national-level high-tech enterprise, and then a listed company.

     He also hoped Xinxing Ductile Iron Pipes Group to further strengthen the strategic cooperation with Fuyang and Hangzhou in the future. 

    China Xinxing Ductile Iron Pipes Group is the SASAC of the State Council owned large enterprise, and now has a listed company, 56 wholly owned subsidiaries and enterprises, and has been awarded as one of "the top 50 listed companies owning the development potential in China" for 6 straight years. Its main businesses include ferrous metal smelting and processing, textile and garment, special equipment manufacturing and real estate development. 

    (Edited by CBI China)