In 2024, when Jiangsu Delong, the world’s second-largest stainless-steel producer, filed for bankruptcy, several Chinese firms and state-owned enterprises quietly absorbed its Indonesian assets. Among them was China First Heavy Industries, a state-owned enterprise founded in 1954 as one of China’s early Soviet-backed industrial projects. Today, China First Heavy Industries supplies military-grade metals to China’s military, including reactor vessels for nuclear submarines. For a manufacturer embedded deeply in China’s naval industrial base, securing nickel feedstock for specialty steels is cru

Source: War on the Rocks — read the full report at the original publisher.

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