China's Yongjin to build 400,000 t/y CR stainless project in Turkiye

East China's Zhejiang-based Yongjin Corp will partner with Land River Holdings (Singapore) and Hainan Fuxinhui Investment to establish a joint venture - temporarily named CANDAX (Turkiye) Metallurgical Industry and Trade Corporation - for the production of cold-rolled (CR) stainless steel in Turkiye, the Chinese stainless steel producer announced last Friday.

The partnership aims to develop a 400,000-tonne/year CR stainless steel production project in the Yalova Machinery Specialized Industrial Zone, with a total investment of approximately Yuan 1.868 billion ($257 million). The joint venture will finance the project with its own or self-raised funds, according to the announcement. The project, which is scheduled for completion within 24 months,