OREANDA-NEWS. August 08, 2012. Baosteel and China Development Bank formally sign comprehensive strategic cooperation agreement in Beijing, marking that the two sides enter a new phase in building  bank&enterprise cooperation model and vigorously expanding international cooperation, reported the press-centre of Baosteel.

By 2015, CDB will add a total of USD 20 billion financing for Baosteel's implementation of "going out" strategy. Baosteel Group Co., Ltd., deputy general manager Zhou Zhuping, CDB deputy governor Wang Yongsheng attend the signing ceremony. Baosteel Group Co., Ltd. assistant general manager Hu Xuefa, CDB Shanghai branch governor Guo Lian sign on the strategic cooperation agreement representing the two sides.

CDB is the main bank of China's medium-and long-term financing. After 10 years of development, it has formed a "two-base one-support", grassroot financing and international cooperation "trinity" business development pattern. Over the years, with enhancing the national strength and improving people's livelihood as the mission, CDB actively supports national key project construction and social undertaking development, and in line with the national "going out" strategy, plays an important role in supporting our enterprises' international operation. Up to now, it has developed into China's largest international investment and financing cooperative bank.

CDB has always attached great importance to cooperation with Baosteel. In recent years, its financial support to Baosteel Group and its subsidiaries grows year by year. Back in 2001 the two sides signed "long-term bank-enterprise cooperation agreement" and "developmental financial cooperation agreement" was signed in 2010. With large-scale funding, long duration and a stable source, CDB considers Baosteel as a key support long-term customer. Both sides innovate bank-enterprise cooperation mode, deepen strategic and cooperative efforts, establish and continuously consolidate long-term, comprehensive, stable, and indepth strategic partnership.Over the years, the two sides continue to increase the cooperation efforts in overseas resource acquisition, overseas investment construction, domestic industry consolidation and merger and have carried out fruitful cooperation in many major projects.

It is known that after the formal signing of comprehensive strategic cooperation agreement, on the basis of USD 10 billion of financing agreed in "developmental financial cooperation agreement" in 2010, from 2011 to 2015, CDB will add USD 20 billion in financing for Baosteel iron and steel main industry and overseas resource development, steel extensive processing, engineering and technical service development. It will support Baosteel in enhancing the ability of international operation, help Baosteel to expedite the completion of transformation from regional layout layout to national layout, promote Baosteel's achieving breakthrough in the international layout, help Baosteel to build the world's most competitive steel company and implement "going out" strategy. Baosteel will also actively promote cooperation with CDB in various types of loans, financial management, clearing and settlement services, corporate bond underwriting, mergers and acquisitions, investment banking.

Before the signing ceremony, leaders on both sides have friendly talk and reach consensus. Carrying out comprehensive strategic cooperation can better combine Baosteel's overseas development planning and CDB medium and long-term financing and investment banking advantages, can help to create internationally competitive steel enterprise and provide policy and financial service support for the enterprise's "going out" strategy.