Henan Province-based Chinese steelmaker Wuyang Iron and Steel has stated that in the first half of the current year it consolidated its traditional markets and explored new markets despite the complex situation in the international market. In the given period, Wuyang Iron and Steel exported 92,000 mt of wide plate, equal to its total exported volume of this product in the whole of 2009.
After entering the South Korean, Vietnamese and Iranian markets, Wuyang Iron and Steel has also entered the Hong Kong market, providing 1.8 million mt of low alloy and high strength steel for high rise building construction in Hong Kong. The steelmaker stated that it closely monitors the international steel market to expand its market share and has shifted its focus also towards shipbuilding plate. In addition, Wuyang Iron and Steel said it has taken active measures to reduce the influence on the company of China's cancellation of the export rebate for many steel products.