Tiangong International Secures US$15.83M Die Steel and HSS Products Sales Order

Tiangong International Company Limited
2014-06-30 12:14 1519

HONG KONG, June 30, 2014 /PRNewswire/ -- Tiangong International Company Limited ("Tiangong International" or the "Group"; Stock Code: 826.HK), China's largest manufacturer of high-speed steel (HSS) and a leading manufacturer of HSS cutting tools and die steel, is pleased to announce that it has recently won a US$15.83 million (equivalent to approximately RMB98.4 million) sales order from SB Specialty Metals LLC (SBSM), a leading U.S. special steel distributor, for the procurement of approximately 5,500 tons of die steel and high speed steel products.

Despite the severe challenges facing the global economy, Tiangong International has achieved steady growth in exports, having already met its die steel sales order target for the second half of 2014. This strong performance has laid a solid foundation for the Company to drive its growth in the second half of 2014 and next year, and to retain its leadership in China's HSS and die steel sector.

Leveraging SBSM's influence in the U.S. special steel market, the Group has experienced phenomenal growth in exports in recent years, which has driven its sustainable business development. In 2013, revenue from the Group's die steel operations reached RMB 1,232 million, accounting for 36% of total revenue and forming its largest revenue contributor. Sales volume of die steel for the period surged 27% year-on-year to 94,000 tons from strong growth momentum in export sales, while revenue from export sales of die steel grew 19% year-on-year. With die steel exports remaining robust, the Group is strongly positioned for better results and to deliver greater returns to shareholders.

Source: Tiangong International Company Limited
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