Chinese steel giant Baowu Group has signed a strategic cooperation agreement with another domestic steel giant Shougang Group on November 6, according to which the two parties will promote the high-quality development of steel industry through cooperation between the steel producers, according to local Chinese media sources.
“Based on accelerating the transformation and upgrading of state-owned enterprises and the strategic orientation of innovation-driven development, the two parties will carry out in-depth cooperation in industrial finance, steel and related services, intelligent manufacturing, green manufacturing, new materials research and development, urban services and other fields, to realize mutual complementarity and common development on a higher level and in a wider range of fields,” the statement from the two parties said.