Magang signs steel wheel export deal with NEWTEC

Thursday, 18 March 2010 17:55:40 (GMT+2)

Top officials of South Korean company NEWTEC Co. recently visited Anhui Province-based Chinese steelmaker Magang, with the two parties reaching a purchase agreement after negotiations. According to the agreement, NEWTEC will purchase 140 million steel wheels from Magang in 2010.

Since Magang's first exports to South Korea in 1997, the Korean market has gradually become one of the main export markets for Magang's wheels, including locomotive wheels, subway wheels and freight car wheels. In recent years, Magang's wheels have achieved an 80 percent share in the South Korean wheel market.

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