China invested around CNY 12 billion in the construction of the largest recycled stainless steel production base in Xuchang, which is a major strategic project for the development of circular economy industries.

The construction includes Henan stainless steel high-quality materials industrial city project and six industrial chain projects.

The major construction of this project includes a two-million-ton scrap electric furnace steelmaking workshop, recycled stainless steel hot rolling production line, and other facilities.

After the full operation, about 2,500 new jobs will be created, and more than CNY 2 billion in tax revenue will be generated every year.