On December 4, Hunan Province-based Chinese steelmaker Valin LY Steel Co. signed a framework supply agreement with Hunan Road and Bridge Construction Group Co., as reported by local media sources in Hunan. The agreement, signed with the approval of the State-owned Assets Supervision and Administration Commission of Hunan Province, is expected to contribute to the mutual development of both sides and to boost cooperation between the two parties in the construction industry in Hunan.
Valin LY Steel, whose total assets are worth RMB 37.8 billion ($6 billion), has an annual steel output capacity of 8 million mt. Its crude steel output in 2011 was 6.76 million mt, while its sales revenues for the year amounted to RMB 35.129 billion ($5.6 billion).