(Yicai Global) June 27 -- Shenwu Energy Saving Co., Ltd., a Liaoning-based environmental engineering company (SHE000820), entered into a contract with a new material company to provide 500,000 tons of premium alloy per year, in a deal worth CNY4.38 billion (USD640 million).
Shenwu Energy Saving's wholly-owned subsidiary Jiangsu Provincial Metallurgical Design Institute Co., Ltd. recently entered into a contract with Guangxi Jingshenglong New Material Technology Co., Ltd. to provide 500,000 tons of high-end premium alloy per year. The company will be responsible for the equipment purchasing and engineering construction of the project, including nickel and chromium alloy production lines.
Guangxi Jingshenglong is a company specializing in the development and promotion of new materials, energy-saving and environmental protection technologies. Last November, it entered into a design contract with Jiangsu Provincial Metallurgical Design Institute concerning the project, in a CNY98 million (USD14.32 million) deal. Shenwu Energy Saving announced that performance of the contract will have a positive impact on its operational results in 2017.