Terra Nostra Resources Corporation (TNRO.OB) reported the award of two sales contracts for Shandong Quanxin Stainless Steel Co., Ltd. (“SQSS”), its stainless steel joint venture operation in China.
The first contract is with Qing Dao Baemyung Metal Co. Ltd., a well respected company operating in the Shandong province, which has contracted SQSS to produce 600 Metric Tons (“MT”) of 304 grade stainless steel billets per month, for an annualized value of approximately US$30 million based on current market prices.
The Company has also been contracted by Zhejiang Yuyaohongda Stainless Steel Co. Ltd. to produce 201 series billets, and then further process the billets into stainless steel strips using SQSS’s recently commissioned strip rolling mill. This contract is worth US$11 million annually at current market prices, with production of 600 MT monthly.
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