SMM News: September 4, China Baowu and Xinjihua signed a memorandum of understanding on cooperation in Baowu Building. Chen Derong, secretary of the party committee and chairman of Baowu, and Zhang Yalin, secretary of the party committee and chairman of Xinxing International China, witnessed the signing and exchange of the contract. Hou Angui, member of the standing Committee and Deputy General Manager of China Baowu Party Committee, and Zhang Tongbo, Deputy General Manager of Xinxing International China, signed the contract on behalf of both sides. The two sides indicated that they will strengthen strategic communication and interaction, actively seek cooperation opportunities in the domestic market and along the "Belt and Road Initiative" route, expand cooperation areas and raise the level of cooperation while promoting the landing of relevant cooperation projects.

Xinxing Jihua Group Co., Ltd. is a central enterprise supervised by SASAC of the State Council. it is a large wholly state-owned company integrating asset management, capital operation and production and operation. at present, it is a ductile iron pipe production and R & D enterprise with the highest comprehensive strength and technical level in the world and the highest production and sales volume in the world.

For a long time, China Baowu and Xinjihua have formed a good cooperative relationship. In order to deeply and comprehensively promote the supply-side structural reform, the two sides will jointly promote the structural optimization and transformation of the iron and steel industry in Xinjiang in line with the principle of efficient coordination and common development.

During the discussion and exchange, Zhang Yalin said that this visit to China's Baowu study and exchange will help emerging International China to further conscientiously study and implement the spirit of General Secretary Xi Jinping's important speech when he inspected and investigated China's Baowu. China Baowu is a global leader in the steel industry, leading the industry in management, technology, especially intelligent manufacturing. Xinxing International China will learn from China's Baowu and actively participate in the construction of China's Baowu iron and steel ecosystem. Zhang Yalin hopes that the two sides will speed up the progress of relevant cooperation projects and continue to expand areas of cooperation.

Chen Derong thanked Xinxing International China for its support to China's Baowu over the years. After a brief introduction to the joint reorganization, production and operation of China's Baowu, Chen Derong said that China's Baowu will thoroughly implement the spirit of General Secretary Xi Jinping's important speech during his inspection and investigation of China's Baowu and the requirements of the "two strives" of the State-owned assets Supervision and Administration Commission of the State Council. efforts will be made to accomplish the annual targets and tasks, while deepening supply-side structural reform and steadily promoting strategic work such as joint reorganization. Chen Derong hopes that the two sides will promote cooperation and at the same time actively seek opportunities for cooperation in the domestic market and along the "Belt and Road Initiative" route, expand areas of cooperation, constantly raise the level of cooperation, and confidently expand, strengthen and optimize state-owned enterprises.

Prior to this, Chen Derong, party committee secretary and chairman of China Baowu Group, said that Bayi Iron and Steel would make the completion of production capacity integration in Xinjiang as the top priority of the No. 1 project in 2020. In addition, Xinjiang Bayi Iron and Steel Co., Ltd., China Baowu Iron and Steel Group Co., Ltd., and Huabao Investment Co., Ltd. jointly established Xinjiang Tianshan Iron and Steel Co., Ltd. on March 31, 2020.

Through this cooperation contract, China Baowu and Xinjihua will jointly promote the optimization and transformation of the iron and steel industry structure in Xinjiang, and may further promote the integration of China's Baowu layout and production capacity in Xinjiang.

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