Shanxi-based Chinese steelmaker Taigang Group has signed a strategic cooperation agreement with Baosteel Group, as announced by Shanxi Province State-owned Asset Supervision and Administration Commission (SASAC).
Accordingly, both parties will set up a joint venture in Shanxi Province, to carry out in-depth cooperation in stainless steel, nickel resources, new materials and new energy fields.
Taigang Iron and Steel, a part of Taigang Group, has a total steelmaking capacity of about 10 million mt, of which 3 million mt is stainless steel. The company is the world's biggest stainless steel exporter, while about 85 percent of its output consists of high-end products.