A launch ceremony for a stainless steel flange project takes place in Wusu Comprehensive Bonded Area, Taiyuan, on Aug 18. [Photo/news.cn]

A launch ceremony for a stainless steel flange project was held in Wusu Comprehensive Bonded Area, Taiyuan, on Aug 18.

The first phase of the project has already started, with annual output expected to reach 15,000 tons. The second phase of the project is expected to produce 35,000 tons of stainless steel flange worth 1 billion yuan ($145.89 million) annually once completed.

All the raw materials for the project are provided by Taiyuan Iron and Steel Group, a leading enterprise in the global stainless steel industry. All products produced by Taiyuan Yongda Stainless Steel Flange and Piple Fitting Co will enjoy the preferential policies for processing and exporting available to firms in Wusu Comprehensive Bonded Area.