Vietnam: Yongjin Group's second stainless steel mill to commence operation in Q2 2024

Yongjin Group has announced that construction on the first phase of its second plant in Vietnam commenced in the first half of 2023. The plant is expected to be operational by Q2 2024 (second quarter), boasting an impressive annual capacity of 260,000 t of precise stainless steel.

This ambitious investment project will be executed in three phases, with a total investment of $125 million. The first production line will focus on supplying AISI 300 series 2B finish of wide-width, with an annual output of 180,000 t. The second production line will be dedicated to producing AISI 300 series and AISI 400 series BA finish, with an annual output of 80,000 t.

Furthermore, Yongjin Group has outlined its investment plans within China. This includes the Guangdong Yongjin production technology transformation project, which aims to enhance the production of wide-width precise stainless steel.

This project will have an impressive annual capacity of 350,000 t. Additionally, Gansu Yongjin has successfully commenced trial operations for its precise stainless steel production, with an annual capacity of 220,000 t. By August 2024, the production of BA finish is expected to increase by an additional 80,000 tonnes.

Moreover, Zhejiang Yongjin has plans to relocate its precision stainless steel plant, which currently has an annual capacity of 195,000 t. The plant is set to commence production by the end of this year, with a significant increase in BA finish production.

The company's commitment to expand its production capabilities both in Vietnam and China demonstrates its dedication to meeting the growing demand for precise stainless steel. These strategic investments will undoubtedly position the company as a leading player in the industry, while also contributing to the economic growth of the regions in which it operates.