SteelOrbis Shanghai
On February 2,
China Minmetals Group inked an agreement with Yingkou Municipal Government in Beijing for the transfer of all state-owned property rights in Yingkou Medium
Plate Mill to
China Minmetals without compensation. As a result,
China Minmetals will hold directly and indirectly a 75.67 percent share in Minmetals Yingkou Medium
Plate Co. Ltd.
In July 2002,
China Minmetals and five other private companies participated in the restructuring of Yingkou Medium
Plate Mill, building it into a competitive enterprise. In 2001, the sales revenues of Yingkou Medium
Plate Mill stood at less than RMB 1 billion ($130 million), while by 2006 they exceeded RMB 6 billion ($770 million).
Minmetals Yingkou Medium
Plate (MYMP) is a professional medium and heavy
plate manufacturer. Its high-strength steel products are mainly applied in pipelines, bridges, and
shipbuilding. With an annual capacity of 2.8 million mt, the steel producer's crude steel output and finished steel output in 2006 reached 2.46 million mt and 1.36 million mt, up 58.8 percent and 12.9 percent year on year respectively.