OREANDA-NEWS. March 23, 2012. CNPC and Baosteel Group Corporation (Baosteel) signed a strategic cooperation agreement in Beijing. It is another major step taken since the two sides signed a strategic cooperation framework agreement in 2006, reported the press-centre of CNPC.

Under the agreement, CNPC and Baosteel will further promote cooperation by combining strengths in resources including natural gas, oil products and steel, as well as in technology, management and finance.

CNPC Chairman Jiang Jiemin, CNPC President Zhou Jiping and Baosteel Chairman Xu Lejiang had a discussion on further deepening cooperation and attended the signing ceremony. CNPC Vice President Liao Yongyuan and Baosteel Co., Ltd. President Ma Guoqiang signed the agreement on behalf of the two sides. CNPC Vice President Yu Baocai presided over the signing ceremony.

Baosteel is the most competitive steel complex in China. It not only dominates the domestic steel sheet market but also exports quality steel products to more than 40 countries and regions. The company's three major product series, namely straight carbon steels, stainless steels and special steels, are widely used in industries such as automobile, home appliances, petrochemical, machine building, energy and transportation, construction and decoration, metalwork, aerospace and aviation, nuclear energy and electronic devices, etc.