Chongqing Steel inks 400,000 mt shipbuilding steel supply deal

On January 10, Chongqing-based Chinese steelmaker Chongqing Iron & Steel (Group) Co. signed an agreement with Jiangsu Province-based major Chinese shipbuilding enterprise Yangzijiang Shipbuilding (Holdings) for the supply of 400,000 mt of shipbuilding steel in 2013 with RMB 100 million ($16 million) being paid in advance by Yangzijiang Shipbuilding, as reported by Chinese media sources.
 
According to Ren Yuanlin, president of Yangzijiang Shipbuilding, in 2012 Chongqing Steel Group supplied 430,000 mt of shipbuilding steel to the shipbuilder, accounting for 87 percent of its total shipbuilding steel orders. In addition, the two companies plan to start cooperation on development of F40 high-strength shipbuilding steel sheet and other new products used in shipbuilding.