Chinese steelmaker Chongqing Iron and Steel (Group) Co. announced on March 10 that it renewed its strategic cooperation agreement with
China's state-owned Sinosteel Corporation on March 5. Sinosteel Corp.'s main activities include mining,
trading, equipment manufacturing and engineering. It is
China's second largest importer of iron ore.
According to the agreement, Chongqing Steel Group and Sinosteel Corp. will cooperate with each other in relation to equipment supply, project contracting and trade of metallurgical products, and specifically in relation to purchases and sales of iron ore, scrap, ferroalloys, coke, coal and steel products. Chongqing Steel Group and Sinosteel Corp. inked their first cooperation agreement in 2004, with the agreement having remained in effect up to the current year.