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STX plans Chinese yard facilities

Seoul: STX Shipbuilding has reached an agreement with the provincial government of Liaoning, northeast China, to set up two subsidiaries there. Subject to central government approval, the Korean shipbuilder will establish a ship block factory and medium-sized shipyard in Dalian, investing $34m and $50m respectively. The company said in a statement that it needed to ensure a steady supply of ship blocks since demand was increasing 25% annually.  [14/09/06]

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