Baoshan Iron & Steel Co., Ltd. (Baosteel) has announced a CNY 4.96 billion investment to establish a premium seamless steel pipe production base. The company's board has approved the first phase of the project, which will be implemented by a newly formed, wholly-owned subsidiary in Ma'anshan, China.

The investment meets the company’s strategy to develop high-quality long products as its third core strategic offering. The new facility will help Baosteel complete its product range by adding medium-diameter seamless steel pipes, thereby enhancing its competitiveness in the steel pipe market.

The project will receive CNY 3.085 billion in cash from Baosteel as a capital injection into its subsidiary, Baosteel Pipe Technology.