Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group Co. (Hebei Steel Group) has announced that it has inked a strategic agreement with Beijing-based state-owned financial company China Great Wall Asset Management Corporation (Great Wall Asset Management).
Accordingly, the two sides will deepen their overall cooperation and establish a strategic partnership in the fields of investment and mergers, assets reorganization, and other finance services. In particular, the two sides will jointly set up a transformation and development fund for Hebei Steel Group to push forward supply-side reform in the steel industry in Hebei Province and China.