Huangshi, Hubei Province-based Chinese special steel producer Daye Special Steel has signed a trade agreement with local enterprises Xinyegang Automobile Parts Co., subsidiary of Xinyegang Steel Co., and Zhonghang Yegang Special Steel Trading Co..
According to the agreement, Daye Special Steel will supply its steel products to and purchase raw materials from the other two companies. The total contract value is RMB 145 million ($22.8 million), with RMB 2 million ($315,000) of this total for raw material purchases and RMB 143 million ($22.5 million) for steel sales