Baosteel to supply 10% Hyundai Heavy's steel needs

SHANGHAI, May 16 (Reuters) - Baosteel Group, China's largest steelmaker, will supply Hyundai Heavy Industries (009540.KS: Quote, Profile, Research, Stock Buzz), the world's top shipbuilder, with 300,000 to 500,000 tonnes a year of steel plate for shipbuilding, Baosteel said on late Thursday.

The volume is equivalent to about 10 percent of Hyundai Heavy's steel plate needs each year, Baosteel, the parent company of Baoshan Iron and Steel Co (600019.SS: Quote, Profile, Research, Stock Buzz), said in a statement on its website.

The two companies signed a strategic partnership agreement on Tuesday, the statement said. (Reporting by Alfred Cang; Editing by Edmund Klamann)