Taiyuan Steel (Group) Corporation in north China's Shanxi Province is striving to become one of the world's largest stainless steel producer in 2006, a company source said Thursday in Taiyuan.

"The company is investing 16.5 billion yuan (1.98 billion US dollars) in expanding stainless steel production capacity, which will reach 3 million tons in 2006," said general manager Li Xiaobo.

Since August 2000, Taiyuan Steel has invested 4.9 billion yuan (590 million US dollars) in introducing the most advanced technology and equipment in stainless steel production from abroad, Li said.

In 2004 the company realized a revenue increase of 8.3 billion yuan (one billion US dollars), with its steel output reaching 4.63 million tons.

Founded in 1934, Taiyuan Steel has become one of China's principal steel companies and China's largest stainless steel producer.

Source: Xinhua