Tiangong International Secures EUR10M Sales Order for Die Steel and HSS Products

HONG KONG, Sept. 25, 2014 /PRNewswire/ -- Tiangong International Company Limited ("Tiangong International" or the "Group"; Stock Code: 826.HK), China's largest manufacturer of high-speed steel (HSS) and a leading manufacturer of HSS cutting tools and die steel, is pleased to announce that subsequent to winning a US$15.83 million sales order from a leading U.S. special steel distributor, SB Specialty Metals LLC, in June this year, the Group has recently won another sales order from a leading Europe special steel manufacturer and distributor for the procurement of die steel and HSS products in the coming five to six months with a contract value of EUR10 million (equivalent to approximately RMB78.88 million).

In the first half of 2014, revenue from the Group's die steel operations reached RMB699 million, representing 26% of total revenue and a y-o-y increase of 17%, making it one of the major revenue contributors of the Group. Tiangong International will continue to expand in the overseas market by enhancing the quality of its die steel and HSS products and boosting sales to internationally renowned customers in order to enhance the Group's profitability and bring higher returns to shareholders. 

About Tiangong International Company Limited

Tiangong International, (the "Group"; Stock Code: 826.HK), headquartered in Danyang City, Jiangsu Province, is China's largest manufacturer of high-speed steel (HSS) and the leading manufacturer of HSS cutting tools and die steel. It is mainly engaged in the production of HSS, die steel and HSS cutting tools. HSS and die steel belong to the special steel category. Due to its diverse and specialized nature, it is widely used in various industries domestically and overseas, including machinery and equipment manufacturing, vehicle production, railway and the petrochemicals industry. Meanwhile, high-speed steel cutting tools have wide applications in different sectors, including aerospace, automotive, machinery, electronics, petrochemical processing and other areas such as construction, decoration, agriculture and domestic use.

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