Benzinga | Mar 3, 2021 08:35AM EST

Huadi Int'l. Group Wins $1.95M Stainless Pipe Order Contracts

Huadi International Group Co., Ltd. ("HUDI" or the "Company") (NASDAQ:HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announces the Company has been awarded RMB 12.45 million (approximately $1.95 million) stainless pipe order contracts after winning bids for two chemical-related projects.

HUDI will supply stainless pipes with a total value of RMB 9.74 million for a pyrolysis initiation project of Yulin Chemical Co., Ltd. of Shaanxi Coal and Chemical Industry Group Co., Ltd (SHCCIG Yulin Chemical Co., Ltd.). The project involves construction of pulverized coal pyrolysis system with 1.2 million tons capacity per year, catalyst preparation facility with 35,000 tons capacity per year, suspension bed hydrogenation facility with 500,000 tons capacity per year and so on.

HUDI will also supply RMB 2.71 million worth of stainless pipes to Jiangsu Zhongneng Silicon Industry Technology Development Co., Ltd., a leading silicon and chemical components manufacturer under the Hong Kong-listed GCL-Poly Energy Holdings Limited in China for its cold hydrogenation project.

Mr. Di Wang, Chairman of the Company, commented: "Our winning bids for the two projects speak to the quality of our pipe products and the over two decades' reputation of our technical team in setting an industry benchmark to provide stainless steel seamless pipe solutions for leading chemical and industrial companies in China and worldwide. We are excited about the opportunity to participate in the projects and we also look forward to growing this partnerships with SHCCIG Yulin Chemical Co., Ltd. and Jiangsu Zhongneng Silicon Industry Technology Development Co. We appreciate for our marketing and technical teams for their dedicated and diligent efforts to make this happen."