Chinese steelmaker Shagang Group has announced that it has signed an agreement to supply 60,000 mt of shipbuilding steel plate to South Korean shipmaker Heavy Industries and Construction (HHIC). Shen Wenming, executive director of Shagang Group, and Li Hengqi, managing director of Hanjin Heavy Industries and Construction, both signed the agreement. The signing means that Shagang has established a business relationship with another large South Korean shipbuilder, having previously established relationships with Daewoo Shipbuilding & Marine Engineering Co., Ltd, Samsung Heavy Industries, and Sungdong Shipbuilding & Marine Engineering Co., Ltd.
HHIC has indicated that it hopes to expand its cooperation with Shagang and to increase its volume of purchases from Shagang Group.