The Long Grand Canal, which has accumulated a thousand years of ancient Yue civilization, abounds in Tangqi Town, overflowing with a rich cultural atmosphere. With green mountains, beautiful waters, and outstanding people, it has won broad space for the development of Hangzhou Steam Turbine Casting and Forging Co., Ltd.

In July 1997, Hangzhou Steam Turbine Power Group Co., Ltd., in order to explore various forms of reform for state-owned enterprises and comprehensively promote the comprehensive reform process with the basic framework of the socialist market economy system as the core content, integrated its iron casting branch, steel casting branch, wood mold branch, preparation workshop, and Nanhua Box and Plate Plant, which were established in 1958, and established a "Casting Branch". In June 2002, Hangzhou Steam Turbine Power Group Co., Ltd. intensified its reform efforts, and Hangzhou Steam Turbine Co., Ltd. acquired a casting subsidiary.

On September 29, 2003, "Hangzhou Steam Turbine Co., Ltd." and "Hangzhou Kaixin Steel Casting Co., Ltd." formally signed the Joint Venture Agreement on the joint venture establishment of "Hangzhou Steam Turbine Casting and Forging Co., Ltd.". According to this agreement, some of the assets within the scope of the "Casting Branch" of Hangzhou Steam Turbine Co., Ltd. and the "Casting and Forging Company" jointly established by both parties through technology investment, while "Hangzhou Kaixin Cast Steel Co., Ltd." invested its relevant assets and technology into the "Casting and Forging Company" jointly established by both parties, with a registered capital of 22 million yuan, of which Hangzhou Steam Turbine Co., Ltd. contributed 11.22 million yuan, accounting for 51% of the total registered capital, Hangzhou Kaixin Steel Casting Co., Ltd. contributed 10.78 million yuan, accounting for 49% of the total registered capital.

On January 1, 2007, Hangzhou Steam Turbine Casting and Forging Co., Ltd. moved into the new plant area of Tangqi.

On September 14, 2007, the resolution of the second meeting of the fourth session of the board of directors of Hangzhou Steam Turbine Co., Ltd. was announced: Hangzhou Steam Turbine Casting and Forging Co., Ltd., a holding subsidiary of the company, invested about 200 million yuan in the forging production line project; Hangzhou Steam Turbine Casting Section Co., Ltd. is a holding subsidiary of Hangzhou Steam Turbine Co., Ltd. The casting and forging company has been providing high-quality castings to the parent company, with leading products recognized by the market and increasing demand. In order to expand and strengthen the enterprise scale and adapt to the market and the parent company's demand for large forgings, the casting and forging company has decided to invest about 200 million yuan in a new forging production line within the current factory site of Tangqi Industrial Zone, Tangqi Town, Yuhang District, to form a batch production capacity for medium and high grade large forgings. The directors attending the meeting discussed and concluded that the project conforms to national industrial policies, with broad product market prospects, advanced and reasonable production processes, and advanced equipment selection; It is also proposed that high attention should be paid during the construction process of the project to form strong technical support, optimize equipment suppliers, and ensure good equipment performance and reliable operation. At the same time, cultivate high-quality technical marketing teams and strive to improve investment efficiency.