Pangang Steel Vanadium & Titanium to supply raw materials to Ansteel

On March 12, Chinese steelmaker Pangang Steel Vanadium & Titanium Plant Co., a subsidiary of Sichuan Province-based Chinese state-owned steel producer Panzhihua Iron and Steel (Pangang Group), announced that its board of directors has approved an agreement according to which in the years 2014 and 2015 its wholly-owned subsidiary Anqian Mining Co. will supply iron ore concentrate and alloy products to Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) and its subsidiaries. Based on the agreement in question, the supply of raw materials from Anqian Mining to Ansteel and its subsidiaries will not exceed a value of RMB 2.437 billion ($392.4 million) in 2014 and RMB 3.002 billion ($483.4 million) in 2015.