Date: 2013-07-31

Baosteel and Mitsubishi Form Joint Venture

March 3, Baosteel Group, one of the largest steel producers in China, announced the founding of Changzhou Baoling Heavy-Duty Machinery Co.,Ltd. The company is a joint venture formed by Baosteel Group and Mitsubishi(Japan).

From then on, Baosteel Group will attach more importance to the development of manufacturing metallurgy equipments. Now manufacturing metallurgy equipment has become one of the 6 pillar industries which are expected to be laid more emphasis by Baosteel Group in their future planning.

With $37 million registered capital and over $100 million investment, Baoling Heavy-Duty Machinery Co.,Ltd was built up on the site of former Metallurgy Equipment Plant and Baoling Metallury Equipment Manufacturing Co.,Ltd. There are altogether three investors in founding this company. They are Baosteel Engineering Technology Co.,Ltd, Mitsubishi-HITACHI and Mitsubishi Corporation whose holding share are 50%, 30% and 20% of the sum respectively. Time limit for this joint venture is 12 years.

The spokesman of Baosteel Engineering Technology company said:

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