Date: 2013-07-31

Baosteel Holds Annual Strategic Cooperation Exchange with Shanghai Electric,Both Parties has signed Cooperation Agreement on Jointly Developing the Critical materials for Heavy Duty Gas Turbine(pic)

A few days ago, Baosteel Group and Shanghai Electric held the signing ceremony of the strategic cooperation exchange 2012 and Cooperation Agreement on Jointly Developing the Critical Materials of Heavy-duty Gas Turbine at Baosteel (Changshu) Leadership Acceleration Center. Deputy Mayor of Shanghai Ai Bao-jun, Board Director of Baosteel Group Co., Ltd. Xu Le-jiang and Board Director of Shanghai Electric (Group) Corporation Xu Jian-guo, etc. Attended the ceremony and signed the agreement.

President of Baosteel Co., Ltd. Ma Guo-qiang and President of Shanghai Electric Group Co., Ltd. Huang Di-nan signed the agreement on behalf of two Parties. Vice President of Baosteel Group Co., Ltd. Zhao Zhou-li, President of Baosteel Special Materials Co., Ltd. Pang Yuan-lin, Vice President of Baosteel Co., Ltd. Wang Jing, Exective Vice President Wang Qiang, Deputy Secretary of Party Committee Li Jian-Jin, Deputy President Lv Ya-chen and Xu Zi-ying of Shanghai Electric (Group) Corporation and responsible persons of concerned units of both Parties attended the exchange and signing ceremony. The conference was chaired by Wang Jing.

Shanghai Electric is a key equipment manufacturing group in China with 7 listed companies. Her core business involves in the field of thermal power, nuclear power, elevator, refrigeration compressor and power transmission and distribution, etc. Her generating equipment sales volume, order quantity and yielding capacity keeps the first in the world. Since Baosteel and Shanghai Electric signed the strategic cooperation framework agreement in March 2009, we have cooperated widely in new products development and market purchasing, etc. and achieved remarkable progress. Last year, Baosteel provided various kinds of quality steel products to Shanghai Electric over 300,000 tons with products involved in steel pipes, silicon steel, heavy plate, stainless steel and special steel, etc.

According to the agreement, Baosteel and Shanghai Electric will make the utmost of their advantages to carry out the technical research and pilot production of the critical material of the new type and high efficient heavy-duty gas turbine so as to break through the bottlenecks of production and manufacturing of the critical material of gas turbine and meanwhile accomplish future collaborative development of both Parties and lift product technology class and market competitiveness.

Xu Le-jiang said in his speech that Baosteel and Shanghai Electric are users to each other and the strategic cooperation of both Parties are highly effective both from the depth and the breadth. As a material supplier, Baosteel will further strengthen the coordination in production, sales, research and application according to her established goal, and carry out in a deep-going way the business exchange and technical cooperation at all levels to make sure a solid progress of the cooperated projects in all product fields. He expressed that Baosteel will vigorously develop related multiple industry with more open and more progressive attitude while doing stronger in steel as a main industry. He hopes that both Parties shall carry out much wider cooperation in the new materials, industry and energy by making extensive use of the existing resources, funds and technological conditions so as to contribute more to the development of the enterprise and Shanghai urban construction.

Xu Jian-guo thanked Baosteel for her great support to Shanghai Electric over the years. He expressed that in the next stage Shanghai Electric will take "innovation driven and transformation development" as the goal to continuously cooperate with Baosteel and promote the research and use of new materials, actively explore a new cooperation mode of supply chain and continuously supply the excellent equipment and quality service for Baosteel's key project construction like before to jointly open up domestic and overseas market and create the future.

Ai Bao-jun highly appreciated the substantial results of the strategic cooperation between Baosteel and Shanghai Electric in his speech. Ai Bao-jun asked Baosteel and Shanghai Electric to further implement the national strategy and seize market opportunities to enhance the cooperation and explore a new development way in new industry. He hopes that both Parties shall play their respective advantages to further intensify the research in new materials and lift up the overall level of the steel industry and manufacturing industry through win-win cooperation and mutual promotion to make great contributions to Shanghai economic and social development.

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