Shougang Group (SHE:000959) Promotes Technology Application For Group Development

Beijing, Oct 28, 2010 AEST (ABN Newswire) - Shougang Group (SHE:000959) has signed a contract in Beijing with China Academy of Railway Sciences relating to the "Bridge Bearing and Remote Monitoring System Manufacturing Technology" project. Shougang is now actively promoting the application of new technology following the restructuring of its iron and steel division. It will now focus more on the development of high-end metallic materials, advanced equipments and vehicle parts, production services and innovation.

Shougang earlier signed an agreement with Technical Institute of Physics and Chemistry of Chinese Academy of Sciences for the research and application of lithium battery. It is also working with three state-owned enterprises and two specialized service centres to build a 'Technology Conversion Platform". It expects the revenue in the Beijing region will reach 100 billion RMB in 2015.

Jing Tang Company, a division of Shougang Group has recently passed the EU standard assessment for its sheet metal products, one step closer to marketing its products in the EU market. In addition, Shougang Mining Company Machine Factory, another division of Shougang Group has successfully delivered its first electric shovel sales. The shovels are designed for 5-10 million tonne medium sized open-pit mining operations for iron ore, coal and nonferrous metals.

Contact

Shougang Group Tel: +86-10-8829-1114