Reports from China suggest that the Mingtuo Group is planning to expand its ferroalloy production – including ferrochrome - from 200,000 tonnes to 1 million tonnes per year in the next five years thanks to a 1 million tonne per year stainless steel mill it plans to construct in Inner Mongolia. Construction is scheduled to commence at the end of 2008.
The ferroalloy production will produce mainly ferrochrome, but may also include ferronickel or manganese alloy. The steel mill will produce mainly 200 and 300 series stainless steel.
Mingtuo Group operates two 17 500 kVA, four 12 500 kVA and eight 7 500 kVA submerged arc furnaces, along with a 110 000 kVA electric simulation substation. It produces 200 000 tonnes per year high carbon ferrochrome and supplies major stainless steel mills in China, including Baosteel, Taiyuan Iron & Steel and Zhangjigang Pohang.
The Chinese metals trading house Minmetals Corporation will pay CNY 17.4 million for 10% of the registered capital of Mingtuo, through its subsidiary China National Minerals. Goldman Sachs also seems willing to take an unspecified stake in the company. There are also plans to list on the stock market within 5 years.
Source: Steel Guru
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