SINOSTEEL International Engineering Technology Co., Ltd. (hereinafter referred to as SINOSTEEL or the Company) issued a Business Contract Announcement on the evening of June 10, saying that on June 8, the company’s wholly-owned subsidiary, SINOSTEEL MECC signed an EPC contract with Tosyali Iron Steel Industry Algerie SPA to build an integrated steel plant with annual output of 2.3m tons in Algeria. The total contract amounts to approximately $ 508 million, equivalent to 3.108 billion Yuan, which accounts for 28.10% of the company’s total revenue of 11.061 billion Yuan in 2014. The Announcement demonstrated that the project serves as the first large-scale integrated steel plant constructed by the company in Africa. It bears tremendous impact on further enhancing the overall strength of the company’s overseas project contracting and on broadening the markets in Africa and theMiddle East as well.
It is reported that, the newly-signed contracts of SINOSTEEL since last November accumulated to an amount of 11.67 billion Yuan, accounting for 105% of the annual revenue in 2014. The expansion of overseas business gained a strong momentum. With the company’s more globalized and diversified business in the future as well as the implementation of the Belt and Road Initiative nationwide, SINOSTEEL will accelerate its expanding pace in overseas markets, while overseas revenue will account for an anticipated 50 % in the company’s income. (Jin Yan)
From: World Metals