According to Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group, on May 8 its subsidiary Chengde Steel signed a strategic cooperation agreement with South Korean-based Daewoo International Corporation for the supply of flat steel.
According to the agreement, Chengde Steel will export 300,000 mt of hot rolled coil and sheet to Daewoo International Corporation in South Korea each year. Cooperation between the companies first began in September 2009.
From the start of April this year up to the present, Chengde Steel has signed five export supply contracts for hot rolled coil and sheet with Daewoo International, totaling 10,600 mt. This volume accounts for 88 percent of total hot rolled coil and sheet export orders received by Chengde Steel in the given period.
Meanwhile, in April this year sales of anti-corrosion sucker rod steel of Shijiazhuang Steel, another Hebei Steel Group subsidiary, totaled 3,300 mt, almost equal to its sales volume for this product for the whole of 2012.