Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd (Taigang Stainless Steel) has announced that it has approved a Framework Agreement for the Supply of Raw and Auxiliary Materials, which will be signed with its controlling shareholder Taigang Group. Accordingly, its controlling shareholder Taigang Group will supply the raw materials and auxiliary materials, including iron ore fines and pellets, etc., to Taigang Stainless Steel.
Taigang Stainless Steel estimates that the framework agreement will give rise to transactions worth approximately RMB 9.2 billion ($1.3 billion) in 2026, which will exceed five percent of the company’s most recently audited net assets.