Yongxing Special Steel to change name to Yongxing Materials
2019-07-09 17:48:18 [Print]
Late July 8, Yongxind Special Steel announced that the company plans to change company name from "Yongxing Special Stainless Steel Co., Ltd." to "Yongxing Special Metarials Technology Co., Ltd." and change English stock name from "YONGXING SPECIAL STEEL" to "YONGXING MATERIALS".
The company noted that the main reason for name change is that stainless steel cannot cover its current business scope. In recent years, the company has been active in implementing strategy to upgrade and develop major business. The company focused on the improvement and adjustment of product structure, and promoted the research and development, and production and sales for special metal alloys such as Ni-base corrosion resistant alloys, Fe-base corrosion resistant alloys and high-temperature alloys. It has expanded business scope from stainless steel to stainless steel and alloys from August 2018.
Besides, the changed name satisfies the company's current major business. The current major business is the research and development, and production and sales for rod and wire products of special metal materials such as stainless steel and special alloys. Special alloys produced by the company are mainly used in special equipment manufacturing for exploitation and refining of oil and gas, thermal power and nuclear power and transportation (vehicles, vessels, high-speed railways and aviation). In 2018, business income reached by products in fields mentioned above accounted for over 30% of business income of listed companies.
The company disclosed that based on the upgrading of major business, it has established and conducted developing strategy to achieve transformation. It has invested RMB890 million (USD129 million) to build 10,000tpy of battery grade lithium carbonate and upstream supporting project to develop lithium-ion material business. The construction of the project has entered the final stage. As the company has made increasingly clear direction to develop the two types of major business, Yongxing Special Steel's name change satisfies the future development strategy of the company.
The company noted that the main reason for name change is that stainless steel cannot cover its current business scope. In recent years, the company has been active in implementing strategy to upgrade and develop major business. The company focused on the improvement and adjustment of product structure, and promoted the research and development, and production and sales for special metal alloys such as Ni-base corrosion resistant alloys, Fe-base corrosion resistant alloys and high-temperature alloys. It has expanded business scope from stainless steel to stainless steel and alloys from August 2018.
Besides, the changed name satisfies the company's current major business. The current major business is the research and development, and production and sales for rod and wire products of special metal materials such as stainless steel and special alloys. Special alloys produced by the company are mainly used in special equipment manufacturing for exploitation and refining of oil and gas, thermal power and nuclear power and transportation (vehicles, vessels, high-speed railways and aviation). In 2018, business income reached by products in fields mentioned above accounted for over 30% of business income of listed companies.
The company disclosed that based on the upgrading of major business, it has established and conducted developing strategy to achieve transformation. It has invested RMB890 million (USD129 million) to build 10,000tpy of battery grade lithium carbonate and upstream supporting project to develop lithium-ion material business. The construction of the project has entered the final stage. As the company has made increasingly clear direction to develop the two types of major business, Yongxing Special Steel's name change satisfies the future development strategy of the company.
