Baosteel and Wugang Group signed the aggrement of recombining Fujian Desheng Nickel Co., Ltd. on December 2010. It is adopted to use ‘share transfer and registered capital increase’ as the method of the recombining, in order to control 70% of the share of Fujian Desheng NickelCo., Ltd.

The opening ceremony of Baosteel Stainless Steel Products Co., Ltd.will be held later on March 2011. This project is based on the seashore resource of Luoyuan Bay and advanced stainless steel refinery technology from Desheng Nickel, and will form Baosteel Luoyuan Bay Green Stainless Steel Industry Garden.

Next year, the annual production capacity of Baosteel Stainless Steel Products Co., Ltd. will reach 150 million tons. And it will increase rapidly and will grow up to 300 million tons in the end of 2015