On May 25, Shengtak New Materials Co., Ltd. laid foundation stone for its special stainless and alloy pipe manufacturing project in Zhonglou, Changzhou. Vice mayor Yang Fen attended the ceremony and announced commencement of the project.

Shengtak is a high-tech enterprise specializing in the manufacture of stainless steel pipes, special steel pipes and seamless steel pipes. Its products are widely applied in industries such as thermal power, nuclear power, petrochemical and shipbuilding, holding nearly 100 patents. It is learned that Shengtak is planning to go public on Growth Enterprise Market (GEM) this year.

The special stainless and alloy pipe project, with a total investment of 300 million yuan, plans to build a new workshop and other buildings of 33,500 square meters and to add 91 sets of production equipment. After the project is completed, the annual output of stainless steel pipes and alloy steel pipes will reach 50,000 tons, expecting sales revenue of one billion yuan.