Largest state-owned steel maker cooperates with No.1 private mill

15:25, February 24, 2010      

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Baosteel, China's largest state-owned steelmaker, and Jiangsu Shagang Group, China's largest private steel company, yesterday reached an agreement on strategic cooperation intent between the two companies.

Xu Lejiang, president of Baosteel Group, announced the information in Beijing.

The two companies will carry out a broad strategic collaboration in technology, management, products, marketing, resources and logistics. Baosteel would transfer the technology and management to Shagang Group so as to enhance market competitiveness of both sides; it will also borrow ideas from Shagang's unique competitive advantage to realize mutual beneficial cooperation.

Xu said that reaching this agreement was an important decision jointly made by the two companies, and also a historic cooperation between leading steel giants with different ownerships.

"The strategic cooperation is conducive to strengthen the overall competitiveness for China's steel industry and improve the capacity of industry to meet challenges."

Xu also expressed that future outcome would prove that their decision is correct. In 2009, Baosteel produced of 44.57 million tons, and the output of Shanggang stood at 26.4 million tons.

By People's Daily Online
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