Hyundai Heavy expand imports of Chinese steel plates

Hyundai Heavy Industries Co. Ltd., (HHI) recently signed a Memorandum of Understanding(MOU) with Jiangsu Shagan Group Co., Ltd. to import 180,000 ton of shipbuilding steel plates annually.

Including this contract, HHI is expected consume 22% of its steel plate requirement(3.2million ton) requirement from china in 2007, or 700,000 tons. In 2006, HHI imported 500,000 tons of steel plates from China, or 16% of its requirement, while in 2005, it brought in 200,000 tons, or 7.4%.

Until now, HHI has procured 55% of its steel plates from domestic makers like Posco, and Doguk Steel, 30% from Japanese companies, and 15% from China. In 2007, the percentage of imports from Japan and China is expected to equal out.