Severstal continues to supply rolled steel to China

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.