It is reported that the total investment of the project is nearly 400 million yuan, and it will use the waste residue generated in the company's steel production process as raw material. It is expected to produce about 11000 tons of vanadium pentoxide annually, with an annual output value of about 1 billion yuan. This project can process nearly 200000 tons of waste residue annually, which can reduce production costs by 15% compared to traditional vanadium extraction processes.  According to statistics, China's vanadium production in 2024 is 164800 tons, with a consumption of 118600 tons.  After the project is put into operation and reaches its production capacity, as a significant increment, it will have a significant impact on China's vanadium industry and provide important assistance in meeting the demand for vanadium batteries.