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Panzhihua Steel, a Sichuan Province-based Chinese steel producer, has recently inked a sales contract for 50,000 mt of steel rails with state-owned China Railway Group for the first stage of the construction of a railway in Venezuela. Panzhihua Steel will be the only steel rail supplier for what will be the largest overseas railway construction program, worth a total value of $7.5 billion, carried out by a Chinese company.
 
The railway in question will have a total length of 471.5 kilometers and will be suitable for trains travelling at up to 220 kilometers per hour.