Chinese steelmaker Baosteel, Baic Motor Corporation Ltd and Shandong Province-based AMGAIN Shandong Magnesium Co. have recently inked a tripartite strategic agreement for the construction of a special industrial base, which represents an important move for entering the automobile, railway and magnesium alloy processing sectors, as announced by Baosteel Group.
On April 30, Baosteel, Baic and AMGAIN had decided to set up joint venture cooperation platform, with the joint venture company in question to be registered in Shanghai free trade zone, with Shandong Province-based AMGAIN Shandong Magnesium Co. to be the manufacturing base.