Chen Derong, president of China’s Baowu Group, stated during a communication with the CEO of global mining giant Rio Tinto that, as the largest steelmaker in the global market, Baowu Group’s capacity exceeds one hundred million mt, and that its demand for iron ore will increase.
Accordingly, he said, the traditional iron ore supply method cannot assure its demand needs for manufacturing are met, which requires an upgrading in cooperation between the steelmaker and iron ore suppliers, aiming to ensure long-term, stable, sustainable and secure iron ore supply. Mr. Chen said he hoped that Rio Tinto and Baowu Group could cooperate smoothly, which would be beneficial to the long-term interests of both sides.
