State-owned Taiyuan Iron and Steel (Group) Co plans to mass-produce ballpoint pen tips and replace imports in two years, company officials said on Tuesday.

The group has spent five years on research and development to acquire the technology, ending a long-term Chinese reliance on imported pen tips.

Without this technology, China's pen manufacturers, which produce 38 billion ballpoint pens per year, have had to purchase the crucial component from overseas markets, costing the industry $17.3 million a year, according to the China National Light Industry Council.