The International Economic and Trading Corporation (IETC) of Wuhan Iron and Steel Corporation (WISCO) recently signed a long-term supply contract with South Korea's HUSTEEL for the sale of 350,000 mt of hot rolled coils, thus laying a solid foundation for WISCO to export HRC to South Korea.
Established in 1967, HUSTEEL is now one of the largest pipe makers in South Korea, using advanced steel pipe manufacturing equipment as well as high-level technology, and is able to produce 800,000 mt of steel pipes per year.
Both parties commenced their cooperation in 2006, also inking long-term agreements in 2007 and 2008. With the increasing competition in the South Korean market, it is of great importance to WISCO to enter this market for HRC. Meanwhile, high-quality HRC supplied by WISCO will also enhance the competitiveness of HUSTEEL's steel pipes.