NLMK to supply transformer steel to TBEA

The Russian steelmaker Novolipetsk Steel (NLMK) has confirmed to SteelOrbis that the company is planning to sign a long-term supply agreement with China's largest transformer producer TBEA for the delivery of transformer steel. The agreement is expected to be concluded during this week's official visit of Chinese president Hu Jintao to Moscow. NLMK is planning to supply about 100,000 metric tons of transformer steel to TBEA up to 2010, for a total of $500 million (based on the current prices). NLMK and its subsidiary VIZ-Stal are the largest transformer steel producers in Russia, accounting for a 99 percent share of the domestic market and an approximate 20 percent share of the international market for this kind of steel.