SEOUL, Sept 8: South Korea's Aluminium of Korea Co Ltd (Koralu) <09050.KS said on Tuesday that it signed a $60 million contract to export 30,000 tonnes of Prime aluminium coil and sheets to U.S.-Based Empire Resource Inc. An executive of Koralu said about 2,000 tonnes of aluminium a month would be exported to the United States until the end of 1999.
"This deal will help Koralu reach exports of $120 million in 1998 and we forecast $150 million in exports next year," said the executive who asked not to be identified.
"Since the economic crisis, we have been moving away from our previous main markets of Japan, China and Southeast Asia and shifted to the United States," he said. "This is our first major export deal with the United States."
Koralu, a unit of the Hyundai Group [HYGR.CN ], is the country's largest aluminium rolled products maker. Its sales totalled 193,152 tonnes of aluminium ingots and aluminium alloy and rolled products.
Koralu shares closed up 240 won to 2,250 won on Tuesday.(Seoulnewsroom, +822 727 5648, seoul.newsroom zreuters.com).
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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