China's Steel Giant Teams up with Japanese Firm

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Last updated at: (Beijing Time) Tuesday, July 30, 2002

China's Steel Giant Teams up with Japanese Firm

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Shanghai Baogang Group Company based on Baoshan Steel Complex, China's largest steel producer, has reached an agreement on all-round cooperation with Mitsui & Co. as part of its international cooperation strategy.

Under the agreement, cooperation between the Shanghai-based steel giant and its Japanese counterpart will include iron and steel production, raw material procurement, metallurgical equipment, shipping transportation, long and medium-term finance and investment as well as information and logistics.

The two sides would also join in project development to better meet the requirements of worldwide customers, said a source with the Chinese company.

Baoshan Steel Complex boasts rich resources, diverse product lines and multiple distribution channels. It hopes to acquire advanced management and technological know-how through its cooperation with the Japanese firm.

Following China's entry to the World Trade Organization last year, Baoshan Steel Complex has beefed up international cooperation to sharpen its competitive edge.

In early July, it set up a 1.2 billion-Australian-dollar (US$670 million) joint venture with the Australian Hamersley Iron Pty Ltd to mine iron ore in Western Australia.

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