The Russian metal producer Severstal and the Chinese metal and mineral trading company Minmetals have signed a memorandum on cooperation, Severstal's press service reported. The document prolongs the contract of 2002 envisaging Severstal's supplies of rolled metal to the Chinese company. Minmetals accounts for 80 percent of China's rolled metal imports. Under the new agreement, Severstal will supply China with new types of rolled metal, namely API and IF.
In the first half of 2003, Severstal's steel production grew 6.2 percent against the same period of 2002 and amounted to around 4.902m tons, the company's press service reported.