China's Steel and Nickel Giants Sign Deal

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Last updated at: (Beijing Time) Thursday, January 23, 2003

China's Steel and Nickel Giants Sign Deal

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The Baoshan Steel Complex, China's leading iron and steel producer, signed Wednesday a strategic cooperation agreement with the Jinchuan Nonferrous Metals Company, the country's largest nickel producer.

Baoshan Steel aims to secure a stable raw materials supply for its stainless steel base, one of six key steel bases under construction by the company.

Baoshan Steel is expected to produce over one million tons of stainless steel annually by 2004.

Jinchuan Nonferrous Metals Company has the country's largest nickel and cobalt production base, as well as the largest platinum refining center.

The contract will help the company, based in northwest China's Gansu Province, with capital support and investing experience.

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