China's Zhejiang Yongjin halts stainless CR project in Indonesia

East China-based stainless flat products maker Zhejiang Yongjin Metal Technology Co., Ltd. (Yongjin) has decided to halt further work on its cold-rolled stainless steel strip project in Indonesia, the company announced to the Shanghai Stock Exchange on June 2. The steelmaker would not reveal the reason for its decision but insisted it was not related to plans for an expansion of its CR operations in Vietnam.

In January 2022, Yongjin said that as part of plans to expand its overseas presence, it was launching a project to establish a 700,000 tonnes/year stainless cold rolling mill in Indonesia, jointly with Zhejiang Qingzhan Industrial Company, a newly established steel processing company in 2021. The expected investment in the project was