SHANGHAI, Oct. 27 (SMM) – Nanjing Yunhai Special Metals Co. will invest 298.66 million yuan ($48.64 million) to build a new magnesium alloy project, the company told Shenzhen Stock Exchange.
The project will produce 30,000 tonnes of magnesium alloy per year once entering service. Besides, several magnesium alloy processing lines will also be included in the project. The company expects this project to realize 1.25 billion yuan in sales per year after hitting its capacity.
Yunhai Special Metals also revealed in the statement it will obtain 23.70 million yuan of subsidy from the central government for the project.
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