(Yicai Global) November 9 — Shares of Zhejiang Yongjin Metal Technology jumped more than 6% today after the Chinese supplier of stainless steel materials announced a CNY 1.4 billion ($193 million) plan ) to build a production plant for battery case materials.
Yongjin [SHA: 603995] shares ultimately closed up 4.9% at CNY29.77 ($4.11) today.
Yongjin plans to build the plant in eastern Zhejiang province in two phases, with a total production capacity of 225,000 tons of battery case materials per year, the Zhejiang-based company said yesterday.
The first phase, with an annual capacity of 75,000 tons, is expected to be completed within 12 months from the start of construction, and the second phase, with the remaining capacity, will have a construction period of 15 months, according to the release. .
The announcement did not provide further details on the proposed plant, but only said that the project will build on the company’s wealth of experience accumulated in the production of ultra-thin precision stainless steel strips. .
Once commissioned, the project will help enrich the company’s product categories and improve its profitability, he added.
Yongjin is a supplier of various stainless steel materials, with production bases in four coastal provinces in China. Its annual output of cold rolled stainless steel materials is more than 2 million tons. Additionally, its production base project in Vietnam was completed in March and a production base in Thailand is under construction, according to its website.
Publisher: Pierre Thomas