July 25, 2008

Baosteel and Hyundai ink SBQ plate supply pact

It is reported that Baosteel Group and Hyundai Heavy Industry Company signed strategic cooperation agreement on May 13th 2008. According to the agreement, Baosteel will provide 300,000 tonnes to 500,000 tonnes of ship plates to Hyundai Heavy Industry per year, taking 10% in total demand.

Meanwhile, Baosteel will further develop technology communication and cooperation on high end ship plate such as TMCP with Hyundai Heavy Industry and construct a perfect supply and demand mode from supply and utilization to feedback, in order to raise products quality.

In the end of 2005, Baosteel exported the first batch of ship plates to Hyundai Heavy Industry Company and Baosteel always develop high strength and high value added products afterwards. Both the quality and the service enjoy high reputation in Hyundai Heavy Industry Company.

Hyundai Heavy Industry Company is one of largest shipbuilding companies in the world and the demand for ship plate is increasing year by year. It is expected that the demand could reach 3.9 million tonnes in this year and to 5 million tonnes by 2010.