Henan Province-based Chinese steelmaker Wuyang Iron and Steel has stated that it intends to strengthen its research and development (R&D) regarding steel grades used for marine engineering applications.
By 2015, China's annual output value of steel grades used in marine engineering applications is expected to exceed RMB 100 billion ($15 billion) and to account for a 20 percent share of the overall international market.
With a view to tapping this expanding market, Wuyang Steel has recently developed A514 GrQ and A517 GrQ steel grades used in marine engineering.