On August 27, major Chinese steelmaker Baosteel announced that it has lately signed a strategic cooperation agreement with Shanxi Province-based Chinese coal producer and distributor Jinneng Co. aimed at boosting mutual development.
Accordingly, both sides will improve technology exchange and increase their cooperation in coal trade and logistics through regular high-level meetings and short-term employee learning exchanges. In the 2013-15 period, Jinneng Co.'s output and trade volumes of coal are expected to total 100 million mt and 300 million mt respectively. Meanwhile, in the given period its operating revenue is expected to exceed RMB 250 billion ($40.85 billion).