Taiwan’s Formosa Plastics Corp. has announced to invest about US$530 million in Fujian Fuxin Special Steel Co., Ltd. to improve the company’s financial structure.

Fuxin Special Steel is an integrated stainless steel plant, it includes steel-making plant, hot rolling plant, annealing and pickling line (HAPL), and cold rolling plant.

Fuxin Special Steel’s new cold rolling mill project with an annual output of 300,000 tons has been put into operation in the first quarter of 2022.