Baosteel, a leading Chinese steel products maker, announced on Monday that it renewed a strategic cooperation agreement for another 10 years with Haier, a leading Chinese appliance maker.
They will join in supply chain efforts and research and development.
In the past 10 years of cooperation, Baosteel became Haier's largest steel supplier.
Xu Lejiang, chairman of the board of Baosteel, said the era was over when there were shortages of iron and steel China. "It is imperative for us to turn crisis into an opportunity by forging a competitive, strategic industrial chain," said Xu.
(Xinhua News Agency December 30, 2008)
