Chinese steel giant Hebei Iron and Steel Group (HBIS) has announced that it has inked a strategic cooperation agreement with Shanghai Electric, one of the largest equipment manufacturing conglomerates in China.
According to the agreement, both parties will promote industrial synergy, establish new business model and methods, and enhance their positions in the industrial chain. Meanwhile, they have agreed to jointly establish a research and development center called HBIS-Shanghai Electric Metal Materials Research and Development Center in Shanghai.