Yongjin Shares: Plans to invest 2.658 billion yuan to build a short process green stainless steel project with an annual production of 2 million tons.

Yongjin Group announced that its wholly-owned subsidiary, Xinyue Asset Management Private Limited Company, plans to establish a joint venture with Lanhe Holdings Limited and Tongnai Shanhe Industrial Park Investment Company to set up Xinyue Alloy New Materials Limited Company, with an investment of 380 million US dollars to build a "annual output of 2 million tons of short-process green high-quality stainless steel project". The project will be constructed in two phases: the first phase will include the construction of a 1780mm hot rolling line, continuous annealing and pickling line, and supporting facilities, producing 1.95 million tons of hot rolled stainless steel coils annually; the second phase will include the construction of a 2 million ton stainless steel smelting workshop and supporting facilities, producing 2 million tons of compliant stainless steel billets annually. The first phase is planned to invest 200 million US dollars, and the second phase is planned to invest 180 million US dollars.