Liaoning Province-based Chinese steel producer Anshan Iron and Steel Group (Anshan Steel) has announced that it has inked an agreement to establish a shipping company with
China's largest liner shipping firm
China Ocean Shipping (Group) Company (COSCO).
Under the framework of the agreement, Anshan Steel and COSCO will jointly invest to set up a new shipping company, thereby further strengthening strategic cooperation between the two sides in the area of ocean shipping.
In 2009, COSCO built a 300,000 mt super-large
iron ore vessel for Anshan Steel, specifically for the delivery of import
iron ore cargos from
Brazil.