Chinese
stainless steel processer Jiangsu Daming Metal Products Co. (Jiangsu Daming), a subsidiary of Hong Kong-based Daming International Holdings Limited, has inked a
stainless steel purchase agreement with Shanxi Province-based Chinese steelmaker Taiyuan Iron and Steel Co. (TISCO), as announced by Daming International. The deal will run for three years from January 2012 to the end of 2014.
During the given period, Jiangsu Daming foresees that the highest overall annual payment to Taiyuan Steel should not exceed RMB 11.2 billion ($1.8 billion), RMB 17.6 billion ($2.8 billion) and RMB 21.6 billion ($3.4 billion) for 2012, 2013 and 2014 respectively.