OREANDA-NEWS. November 07, 2012. A strategic cooperation framework agreement was signed by FAW Group Corporation (FAW) chairman Xu Jianyi and Baosteel Group Corporation (Baosteel) chairman Xu Lejiang at FAW Civil Affairs Service center, reported the press-centre of FAW.

Baosteel, a major iron and steel supplier for China's automobile industry, is China's largest modern iron and steel enterprise. The strategic cooperation partnership between FAW and Baosteel has been lasted since 1990. 

According to the agreement the both parties will make their greater use of technology advantages, and further strengthen cooperation in the fields of research and development of new products, new materials and new technologies. 

FAW Group is a leading global manufacturer of quality passenger cars, commercial trucks, and buses. Established in 1953, the company is China's oldest and largest automotive group. Annual sales exceed two million units.