Tsingshan Holding Group, the largest stainless steel producer in China, planned to invest a stainless steel plant in Zimbabwe. The new plant will have an annual production capacity of 1 million tons, and the total investment was expected to reach US$10 billion.
It was said that the plant will start the construction in phases if it could ensure a stable supply of major steelmaking raw materials, such as iron ore, nickel ore, and coal.
The investment was highly forecasted to bring a great amount of competitive pressure to the stainless steel rolling mills from other countries.