Major Chinese steelmaker Baosteel has announced that it has signed a cooperation agreement with Netherlands-based Nedschroef Group, a leading global producer of fasteners. Accordingly, Baosteel's high-strength cold forging steel will be used in Nedschroef's production of high-end fasteners for the automotive industry.
Currently, Baosteel is the only Chinese supplier of high-strength cold forging steel for the China-based production facilities of General Motors, Volkswagen and Nissan. Baosteel has now also become the only Chinese supplier of high-strength cold forging steel for Nedschroef.