On February 25, China Railway Materials Commercial Corporation signed a strategic partnership agreement with Chinese steelmaker Shandong Iron and Steel Group for overall cooperation regarding steel sales, iron ore and coal supply. The agreement will also involve cooperation in comprehensive services for the railway industry.
China Railway Materials Commercial Corporation is a large-scale state-owned enterprise, under the supervision of China's state-owned Assets Supervision and Administration Commission of the State Council (SASAC), focused on offering a comprehensive range of services to the railway industry and also on steel trade. In 2009, the company posted sales revenues of RMB 105.1 billion ($15.39 million) and sold 15.88 million mt of steel. Shandong Steel Group is a state-owned large scale steel company, with an annual output of 31.60 million mt of steel.