December 02, 2008

Shougang inks iron ore transportation pact with NYK

It is reported that on April 15th 2008 a four member delegation of China Shougang International Trade & Engineering Corporation led by Mr Wang Chunli president of Shougang visited NYK to meet with Mr Hidenori Hono managing corporate officer of NYK.

During the meeting, Mr Wang and Mr Hono signed a contract for the transport of one million tonnes of iron ore per year from Brazil to China over a three year period beginning from the second half of 2008. This is the second long term contract between the companies, and certainly a sign of a strengthening relationship.

Mr Wang emphasized his desire for steadfast relations between the companies and expressed his gratitude for the stable transport of iron ore from Western Australia that NYK currently provides.

NYK will make every effort to provide Shougang Corporation with a stable supply of iron ore by safely fulfilling this newly signed three year contract and the 16 year contract signed by the two companies last year.

Shougang International Trade & Engineering Corporation is the trading and logistics arm of the Shougang Corporation, which is an iron and steel manufacturer established in 1919. Their steel production volume is 12.86 million tonnes in 2007 ranked at the 7th biggest in China. Regarding this time contract, Caofeidian in Hebei province in China will be the main port for discharging.