Shares of Zhejiang Jiuli High-Tech Metals rose after the Chinese supplier of industrial stainless steel and special alloy pipelines said its German unit received a EUR 592M (USD 637M) order for steel pipes.
Eisenbau Krämer GmbH will supply Abu Dhabi National Oil Company with steel pipes for a total length of about 92 km for ADNOC’s gas field development project by September 2025, the Zhejiang province-based firm announced recently.
EBK will start producing the pipes after signing the contract, Jiuli High-Tech Materials added, noting that ADNOC will pay an advance payment and the remaining sum in stages according to the production and delivery of the steel pipes.
The order will not significantly benefit Jiuli High-Tech Materials’ performance this year but will have a positive impact on its future business development and operating performance, the firm pointed out.