Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., has signed a strategic cooperation agreement for shipbuilding steel supply in 2013 with Zhejiang Province-based Chinese shipbuilding company Yangfan Group Co., Ltd, as announced by Chongqing Steel Group on January 15.
Yangfan Group is the biggest shipbuilding group in Zhejiang Province. Its annual gross output value and sales revenue in 2011 amounted to RMB 7.11 billion ($1.14 billion) and RMB 5.324 billion ($853 million) respectively. Yangfan Group has an annual shipbuilding capacity of over 2 million dwt.