Shenyang Fortune Vanadium Industrial Co., Ltd. will hold on to the corporate spirit of unity, integrity, loyalty and competitiveness and will stick to the principle of continuous development. The company will take the opportunity of revitalizing the old industrial base in Northeast China and in five years, plan to build up a high-tech enterprise group including environmental protection, energy utilization, metallurgic and chemical production, with main business of further processing of vanadium and molybdenum.

According to the six year development plan raised by the Economic Commission of Shenyang City, the company is planning to join the six year development plan of Shenyang City as an enterprise with outstanding achievements. In the plan, by the end of the year 2006, the company is estimated to set up a production capacity of 5000mt vanadium pentoxide, 2000mt ammonium molybdate and 400mt precious metals, with annual turnover of 2 billion RMB; by the end of the year 2007, to set up a production capacity of 8000mt vanadium pentoxide, 3000mt ammonium molybdate, 900mt precious metals and 2000mt other products of vanadium and molybdenum, with annual turnover of 3 billion RMB; in the years of 2008 to 2010, after completing the plan of further processing of vanadium and molybdenum products, the company also plans to develop to high-tech and value-added industry in environmental protection field and accomplish an annual turnover of 5 billion RMB.

At present, China is actively encouraging the wide use of HRB400 steel bar containing vanadium(also named as grade 3 steel bar) and the Ministry of Construction of the PRC has included the technology of grade 3 steel bar into the national standard GBJ10-89, The Designing Specs of Concrete Structure, in which it requires the consumption of vanadium to 80% by the end of The Tenth Five Year Plan. According to the statistics, the production of grade 3 steel bar was only 180,000 mts in 1999 and has increased to 5.4 million mts in 2004, expected to further increase to 8 million mts in 2005. This will bring broader market and room for development of the manufacture of vanadium products. Meantime, the vanadium battery, as a rising star in the new energy of automobiles industry, also has a bright prospect in the future.