CITIC Pacific Special Steel Group, the largest manufacturer of special steel in China, will relocate its headquarters to Jiangyin, Wuxi, from Shanghai, according to the Wuxi government.

The headquarters site, at the intersection of Changshan Avenue and Binjiang Road, will cover an area of 2.93 hectares, with total investment of 450 million yuan ($69.08 million).

Additionally, the Group will pour $600 million into a 43.3-hectare special steel deep processing project in Jiangyin.

The new enterprise will focus on deep processing, cutting and distribution of high-end and special steel products.

Upon operation, it is anticipated to bring in 9 billion yuan in sales and 500 million yuan in tax revenue.

The Group also established a logistics company in Jiangyin with $70 million in registered capital . Together with Jiangyin High-tech Investment & Development Group, it will build a multi-ton berth wharf.