Gongyi, China-based high-tech industrial material producer China GengSheng Minerals, Inc. Has announced that it has signed a full-service refractories supply contract with Liaoning, China-based Fushun New Steel Corporation.
According to a China GengSheng release, under the agreement the company will provide refractory materials, as well as installation and on-site support services. Revenue will be recognized based on Fushun New Steel's production volume, said China GengSheng, adding that, based on Fushun's current manufacturing capacity, the revenue will be approximately $10 million over the two-year term of the contract. Shipments under the contract began in January 2011 and are expected to continue through December 2012.