Posted on 18 Oct 2019
China Baowu Steel Group, the country’s largest steel producer, signed a series of strategic project agreements with Brazil’s mining giant Vale SA on Wednesday, the company said in a statement.
* The cooperation agreements, which include steelmaking, logistics, base metals, technology research and development, will help merge the companies as strategic partners, Baowu said on Thursday.
* Baowu and Vale agreed to explore opportunities to extend their joint venture projects, look into strategic projects on international base metals and cooperate in supply-chain to improve the shipments of high-quality iron ore, the steel producer said without providing further details of the agreements.
* Last month, Vale said it would launch an iron ore product for pelletizing, in the first quarter of 2020, in an attempt to meet growing demand for high-quality ore in China.
Source: Reuters (Reporting by Min Zhang and Shivani Singh, Editing by Sherry Jacob-Phillips)
