Baosteel makes moves to expand in northern China

Baosteel signed a strategic cooperation framework with Tianjin Port Group on Monday, Economic Observer reported (in Chinese). The deal was seen as a major step for Baosteel in expanding its business from its base in Shanghai to northern China, said Yu Rumin, director of Tianjin Port Group. According to the agreement, Tianjin Port will provide preferential logistical services to Baosteel and the two parties will jointly invest in relevant logistic facilities. Tianjin Port will become an important logistics base for Baosteel's further expansion plans. Earlier this week Baosteel, China's largest steel manufacturer, announced the founding of Hanbao Steel Company its first joint venture in northen China, with Hebei-based partner Hansteel.