China's steel, auto giant signs deal on cooperation
( 2003-11-09 17:18) (Xinhua)
China's steel giant Shanghai Baosteel Group Company said it has signed a deal
on strategic cooperation with Dongfeng Motor Corp., one of the country's three
biggest automakers, over the weekend.
The move came after Baosteel signed similar deals with the First Automobile
Works Group (FAW) and Shanghai Automotive Industry Corp, the other two auto
giants in China.
Under the latest deal, Baosteel and Dongfeng will cooperate on steel supply,
technological development, steel and auto parts processing, logistics
management, enterprise administration, and auto sales.
Baosteel will set up a sales and service center in Wuhan, capital of Hubei
Province, where the headquarters of Dongfeng is located, according to the deal.
A senior manager with Baosteel, said auto steel sheet has become the
company's most important strategic product thanks to fast development of the
country's auto sector.
Baosteel said strategic cooperation with auto giants is vital for the steel
giant to maintain its market position on the Chinese market in the long run.
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