"Hesteel Group announced that, in order to ease the financial pressure

Published: Nov 29, 2023 13:35

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"Hesteel Group announced that, in order to ease the financial pressure and shorten the construction period of the Hesteel Leting Iron and Steel Base project, Leting Iron and Steel intends to lease and use the 1580mm hot rolling production line and affiliated equipment from a stainless steel company. The leased object is the 1580 production line and affiliated equipment that the stainless steel company has already ceased production. According to Hesteel Group, the production line has the capability to produce high-end automotive sheet raw materials, with an annual production capacity of 3 million tons of high-end automotive high-strength steel, ultra-low carbon deep-drawing steel, high-end tin-plated substrates and other high and medium-end soft and hard steel, with a minimum rolling limit thickness of 1 millimeter. The production line has been rated as one of the "ten most influential projects in China's automation field" and was selected as a "2016 national intelligent manufacturing pilot demonstration project." The announcement shows that the lease price is determined through negotiation between the two parties, based on the "cost plus" principle, with a final annual rent of 80.26 million yuan (including tax) and a lease term of ten years."

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