Tata Steel to form a strategic alliance with Baosteel

Tata Steel to form a strategic alliance with Baosteel

According to the recent news in the market, Shangai Baosteel Engineering & Equipment, a division of Baosteel Group, has negotiated with Tata Steel to form a strategic alliance that may result in a joint venture. In line with the alliance, Baosteel will supply equipment to Tata Steel and in response to it, Tata Steel will supply iron ore to Baosteel Group. The officials of Tata Steel state that the company plans to increase its production by 1 million tons in the first phase. Later on, the company will seek for different ways to add 2 million tons to its production. This alliance will also enable Tata Steel to serve Chinese, Indian, Korean and Japanese markets, as included in Tata Steel plans.