| Jiangsu Huacheng Industry Group Co., Ltd. established in 1997 with registered capital of USD 4.6 million, is a private enterprise specializing in the manufacturing of Cold drawn seamless steel tubes and tubular products. We own nine subsidiaries which produce steel, valves and pipe fittings, rare earth metals, and fireproof magnesium boards. With fixed assets of USD 9.7 million and circulating funds of USD 7.3 million, our factory encompasses an area of 150,000 square meters, with 100,000 square meters of work space. We employ a staff of 1,200, including eighteen technology administrators. In the past few years, we have been awarded the honor of being one of the ten strongest private enterprises of Zhangjiagang City and the title of "Excellent Private Enterprise" by the Jiangsu Province, Suzhou, and local governments. Additionally, we have received production licenses for medium and low pressure boiler, bearing steel, and marine tubes. Moreover, we have also received ISO9001 certification. Currently we are under license to manufacture high pressure boiler tubes for Lloyds Register of Shipping, UK. In 2001, we began exporting steel tubes to our key markets in America and Asia. Presently, we annually produce over 70,000 tons of seamless steel tubes, a turnover of USD 24.2 million, 20% of which is from foreign markets.
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