China FAW Group Corporation signed a strategic cooperation framework agreement with Baosteel Group Corporation at Baosteel Tower, Shanghai on Apr 18. The two parties will carry out strategic cooperation in the fields of automobile steel, new material, automobile industry chain, “Internet Plus”, and Party Construction as well as emerging business sectors.
Baosteel, a major iron and steel supplier for China’s automobile industry, is China’s largest modern iron and steel enterprise. The history of cooperation between FAW and Baosteel could be trace back to 1980s, in material’s localization and lightweight, new material R&D, processing and distribution, etc. Based on the national strategic orientation of accelerating the transformation and upgrading of SOEs and the implementation of development driven by innovation, both parties will grasp the development opportunities created by the national strategies such as “One Belt, One Road”,“Made in China 2025”, "Internet Plus", etc, to achieve mutual benefit and win-win, so as to promote comprehensive strategic cooperation in a higher level and wider ranges.
FAW Group is a leading global manufacturer of quality passenger cars, trucks, and buses. Established in 1953, the company is China's oldest and largest automotive group. Annual sales exceed two million units.