Severstal continues to supply rolled steel to China
According to latest market reports, Russian steel producer
Severstal and Chinese steel and mineral
trading company Minmetals have signed a memorandum of understanding. Through this memorandum,
Severstal will supply new types of rolled steel, known as API and IF, to Minmetals. Also this memorandum extends the supply agreement which was signed in 2002 between the companies.
Minmetal accounts 80% of
China's rolled steel imports.
Furthermore,
Severstal steel
production reached to 4.9 million tons with a 6.2% increase in the first six months of 2003 against the first six months of 2002.