Chinese steel and pipe producer Sutor Technology Group Limited announced on May 4 that it has signed contracts with South Korea's Hyundai-KIA Group and with China-based companies Baosteel Group Corporation and Nantong GangZhen Steel Strip Ltd.
Under the contracts, Sutor will offer acid pickling steel processing services to Hyundai-KIA, Baosteel and Nantong GangZhen with an annual processing amount of 36,000 metric tons, 48,000 metric tons, and 42,000 metric tons, respectively. The processed steel products will be directly used in auto manufacturing.
"The new contracts represent a significant progress for the company as it continues to expand its customer base and gain market shares in the fastest growing segment of the economy," said Lifang Chen, chairwoman and CEO of Sutor.