SteelAsia Manufacturing Corp. (the Philippines) has concluded an agreement with two Russian companies aiming at long-term cooperation with them.
Under the $250 million contract Evraz will annually supply 50 thousand tons of billets to SteelAsia works in Davao City and in the Bulakan province.
In Q1 the group purchased 240 thousand tons of Russian billets valued at $93 million for its 6 rolling assets with the total capacity of 2.3 million tons of rebars per year. The group plans to increase capacity to 4 million tons.
The second agreement with Kurganstalmost presupposes transfer of technology and support of the Philippines company in personnel training. (Ukrainian metal)