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China’s second largest stainless steelmaker Shanxi based Baowu’s Taiyuan Iron & Steel (Group), known as TISCO, will seek joint projects with local and international companies to help meet its goal of tripling production to 15 million tonnes by end-2023 from 4.19 million tonnes last year, rising to 18 million tonnes by end-2025. Taiyuan Chairman Mr Gao Xiangming told Reuters “We will further communicate with domestic and international players and jointly invest in stainless steel projects under the premise of a win-win situation.”
TISCO is now part of China Baowu Steel Group after the steel giant took a 51% stake in TISCO last year as part of plans by China. The restructuring with Baowu Group has given TISCO better access to bigger markets in southern China and helped improve its competitiveness against its main rival, privately held Tsingshan Holding Group.
Tsingshan is China’s top producer of stainless steel with an annual capacity of more than 10 million tonnes. It is also the biggest nickel producer in Indonesia and is set to develop an iron ore mine in Zimbabwe.