Fortescue Metals Group will sign eight Memoranda of Understanding (MOUs) with major Chinese steel mills on the sidelines of the inaugural China International Import Expo (CIIE).
|Image source ©Fortescue|
The MOUs will be signed with public and private steel mills from various provinces and municipalities across China, including Baowu Steel Group, as well as Hebei Iron and Steel Group, China’s second largest steel group.
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 from Inner Mongolia Autonomous Region and Anyang Iron and Steel from Henan Province.
Chief Executive Officer, Elizabeth Gaines said that as the lowest cost supplier of seaborne iron ore into China, Fortescue has enjoyed strong relationships with customers since the company’s first shipment of iron ore a decade ago.
“The MOUs reaffirm our commitment to our customers and demonstrate our significant market presence in China.
“As the One Belt, One Road initiative continues to grow, the openness and mutual understanding established by our bilateral trade relationships will be critical to its success. Australia’s significant strategic partnership with China is built on the importance of trade and is a fundamental pillar in our relationships across the Asian region,” Ms Gaines said.