China Gengsheng Minerals, Inc. Wins Refractory Supply Contracts with Baosteel
- Company to Deliver Two Sets of Refractory Materials Worth $537,000 -
GONGYI, China, Oct 16, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- China Gengsheng Minerals, Inc. (OTC Bulletin Board: CHGS) ("Gengsheng" or "the Company"), a materials technology company in China with products capable of withstanding high temperature, saving energy and boosting productivity in certain industries such as steel and oil, today announced that it has signed two refractory supply contracts with Shanghai Baosteel Group Corporation ("Baosteel"), China's largest iron and steel conglomerate, for a total value of $537,000 (RMB 3.65 million).
According to the contracts, the Company will deliver two whole sets of refractory materials for Baosteel's hot-rolled steel mills by November 15, 2008.
About China Gengsheng Minerals, Inc.
China Gengsheng Minerals, Inc. ("Gengsheng") develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, Gengsheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China's Henan province, Gengsheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and in 11 other countries. Gengsheng conducts business through Gengsheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High Temperature Materials Co., Ltd.