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|Thursday, November 08, 2001, updated at 10:33(GMT+8)|
Chinese Steel Company Becomes Supplier to Italian Auto GiantThe Shanghai Baoshan Iron and Steel Company, China's steel giant, recently became a supplier to Italy's Fiat Motor Company, providing it with high-quality automobile steel plates.
The Fast-Buyer Company under Fiat, specializing in the businesses of steel purchasing, storage and transportation, has signed an agreement with Baoshan on supplying steel plates for 2002, thanks to the first successful cooperation between the two companies this year.
Baoshan, for the first time, exported over eight thousand tons of auto plates to Fiat this year and Fiat chose to continue the cooperation due to the good quality of the products and the satisfactory outcome after usage.
In the following several years, Fiat will order a minimum of 200,000 tons of high-quality plates annually from Baoshan. These plates will mainly be used in the manufacturing of Palio cars.
Serio, CEO of Fast-Buyer, said that Fiat is willing to establish a long-term partnership with Baoshan, hoping to develop Baoshan into one of its largest steel suppliers.
Experts from Baoshan revealed that in May this year the two companies reached a consensus on cooperation. In quality testing, the corrosion resistance of Baoshan plates as well as the production facilities, technologies and packages were completely in keeping with Fiat's requirements.
Starting plate production in 1992, Baoshan now produces over one million tons of high-quality steel plates a year and holds more than half of the domestic market share.
Many of China's famous auto makers, such as Shanghai Volkswagen, FAW-Volkswagen, Wuhan Aeolus-Citroen and Guangzhou Honda, are all customers of Baoshan.
Fiat, the auto giant based in Italy, is known for its high-performance cars like Ferrari.
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