Steel cord is the essential material of radial tyres. Downstream products include car tyres, light truck tyres, heavy truck tyres, construction machinery vehicle tyres and aviation tyres. Tyre sales can be divided into the original equipment market (“OE”) and the replacement market. The OE refers to new automobile tyres produced by auto makers, while the replacement market refers to replacement tyres used by existing autos and tyre distributors who replace original spare tyres for customers. The primary business of Shougang Century is the manufacturing of steel cords, producing a variety of products including Super High Tensile (ST) and Ultra High  Tensile (UT) structures.