(Yicai) Sept. 13 -- Shares of Zhejiang Jiuli High-Tech Metals rose after the Chinese supplier of industrial stainless steel and special alloy pipelines said its German unit received a EUR592 million (USD637 million) order for steel pipes.

Jiuli High-Tech Metals [SHE: 002318] was trading up 4.9 percent at CNY18.53 (USD2.55) as of 1.20 p.m. today, after earlier soaring by the 10 percent exchange-imposed daily trading limit.

Eisenbau Krämer GmbH will supply Abu Dhabi National Oil Company with steel pipes for a total length of about 92 kilometers for ADNOC’s gas field development project by September 2025, the Zhejiang province-based firm announced today.

EBK will start producing the pipes after signing the contract, Jiuli High-Tech Materials added, noting that ADNOC will pay an advance payment and the remaining sum in stages according to the production and delivery of the steel pipes.

The order will not significantly benefit Jiuli High-Tech Materials’ performance this year but will have a positive impact on its future business development and operating performance, the firm pointed out.

EBK was founded in 1921 by Karl Kramer, a world-renowned specialist for longitudinally welded large-diameter steel pipes. Jiuli High-Tech Metals completed the acquisition of EBK’s assets at the end of May.

Editor: Futura Costaglione