en.Wedoany.com Reported - China's Yongjin Technology Group Co., Ltd. (Yongjin) announced on May 20 that it plans to establish a subsidiary to invest 1.151 billion yuan in the construction of an industrialization project with an annual output of 100,000 tons of precision metal new materials (ultra-thin precision stainless steel and titanium plate and strip).

On May 18, Yongjin held the 21st meeting of its sixth board of directors, which reviewed and approved the "Proposal on Establishing a Subsidiary to Invest in the Construction of a New Project." The company plans to establish Zhejiang Yongjin Precision Technology Co., Ltd. (tentative name) in Zhejiang, China, and sign a project investment agreement with the Lanxi High-tech Industrial Park Management Committee. The total investment for the project is 1.151 billion yuan, with Phase I designed for a production capacity of 60,000 tons and a construction period of 24 months; Phase II is designed for a capacity of 40,000 tons with a construction period of 12 months. Upon completion, the project will enhance Yongjin's existing high-end customized processing capabilities for precision stainless steel plate and strip, titanium materials, and metal layered composite products.

The main products of this precision metal new materials project include titanium alloys, metal composite materials, and precision ultra-thin stainless steel. The precision metal new materials project will be constructed in two phases, with a total investment of 702 million yuan for Phase I and 449 million yuan for Phase II.

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