Henan Province-based Chinese steelmaker Jiyuan Iron and Steel (Group) Co. (Jiyuan Steel) has signed a strategic cooperation agreement with Sino Steel Zhengzhou Research Institute of Steel Wire Products Co., Ltd., according to local media sources.
The agreement in question is intended to create strategic synergy in developing technology, new products and markets, as well as in the further processing of products. Li Yutian, chairman of Jiyuan Steel, stated that cooperation is vital for both parties, and especially for improving Jiyuan Steel's overall competitiveness in the field of high-quality and special steel.
Since the completion of its upgrade project in July this year, Jiyuan Steel has the ability to produce high-end and special steel products. The steelmaker's output includes tube billet, wire rod, cutting steel, spring steel, gear steel, bearing steel and tool steel.
