Chinese companies have emerged as the world leader in titanium wire production with the creation of an aluminium and steel line for the first time in its history.
In a move that is sure to make the world of technology and electronics industry explode, the state-owned steelmaker Steel Development Co. Ltd.
has started production of titanium rods for use in its titanium wire products.
The Chinese government has also taken a strong stance on the matter of the steel industry in the country, and is expected to set a firm price for the production of the metal in the coming months.
Titanium rods, which are used in the production and distribution of various consumer electronics products, are widely used for industrial and construction purposes in China.
The titanium wire used in these products is produced by two different companies, Steel Development and Aluminum Steel Co., Ltd.
According to a press release issued by the government of the Chinese People’s Republic of China on Tuesday, the new titanium wire is an aluminium alloy that is used in aluminium, steel and glass manufacturing.
The government said that it will purchase titanium wire from the two companies at the market price.
The total value of the purchase will be 5 trillion yuan ($85 billion).
The announcement was made at the World Titanium Industry Forum in Beijing.
The event was held in partnership with the China Titanium Industry Association.
The three-day conference brought together a range of industry leaders from various sectors of the industry.
It is understood that the government will take a hard stance against steel production in China after a number of incidents including a deadly fire in 2011 at the Tianjin Steel plant, which led to the death of more than 400 workers.
The authorities in China have been cracking down on steel exports since then, but the country still imports nearly three-quarters of the world steel supply, the World Steel Association reported.
In addition, the government has cracked down on the sale of aluminium products.
In December, the People’s Bank of China said that the country would require the use of aluminum in all consumer products by 2020.