One of the world’s leading iron ore producers has significantly strengthened its Chinese relationships, singing a eight new partnerships this week alone.
Fortescue Metals Group announced in a statement this week that it is signing eight new Memoranda of Understanding (MMOUs) with major Chinese steel mills as it attends the inaugural China International Import Expo (CIIE).
Among the steel mills which Fortescue will sign deals with is Baowu Steel Group, the largest steel group in China and recipient of Fortescue’s first cargo of ore 10 years ago and its Echeng subsidiary, as well as Hebei Iron and Steel Group, China’s second largest steel group.
Over two days of events, Fortescue will also sign MOUs with Rizhao Iron & Steel from Shandong Province, Minmetals Yingkou Medium Plate Co, and Lingyuan Iron and Steel from Liaoning Province, Baotou Steel (Group) Co., Ltd from Inner Mongolia Autonomous Region and Anyang Iron and Steel from Henan Province.
Chief Executive Officer, Elizabeth Gaines said “As the lowest cost supplier of seaborne iron ore into China, Fortescue has enjoyed strong relationships with customers since our first shipment of iron ore a decade ago. The MOUs reaffirm our commitment to our customers and demonstrate our significant market presence in China.”
Fortescue is a sponsor of the Australian National Pavilion at CIIE joining thousands of businesses from 130 countries at the prestigious event. Announced in 2017, CIIE was created to give firm support to trade liberalization and economic globalization and actively open the Chinese market to the world. It facilitates countries and regions all over the world to strengthen economic cooperation and trade, and to promote global trade and world economic growth in order to make the world economy more open.
The event, taking place at the time of writing, is being held at the National Exhibition and Convention Center (Shanghai) is the world's largest single block building and exhibition complex.