Fortescue Metals Group (Fortescue) has signed 12 Memoranda of Understanding (MOUs) with major Chinese steel mills, procurement partners and financial institutions on the sidelines of the third China International Import Expo (CIIE 2020), valued cumulatively in the range of US$3 to US$4 billion.
Over two days of events, Fortescue signed MOUs with long-term partner and major shareholder Hunan Valin Iron & Steel Group Co., Ltd (Valin Group) for the supply of iron ore and procurement opportunities, as well as the Bank of China Limited, Sydney Branch (Bank of China) for strategic cooperation. Fortescue has also signed an additional nine MOUs with Chinese steel mills and procurement partners, including:
• Baotou Iron & Steel (Group) Co., Ltd.
• Benxi I&S Group International Economic & Trading Co., Ltd
• Dalian Huarui Heavy Industry Group Co., Ltd
• Guangxi Shenglong Metallurgical Co., Ltd
• Lingyuan Iron and Steel Co., Ltd.
• Rizhao Steel Holding Group Co., Ltd
• RGL Group Co., Ltd.
• Shaanxi Iron and Steel Group Import & Export Co., Ltd.
• Tianjin Jianlong I&S Industrial Co., Ltd
Chief Executive Officer, Elizabeth Gaines, said “Since the Company’s inception, Fortescue has built enduring relationships with our stakeholders in China. Our engagement extends beyond iron ore supply to longstanding customer relations, procurement and financing arrangements as well as academic, policy and social linkages.
“Fortescue’s success and that of the Australian economy has been built on the great powerhouse that is China. Now, more than ever, these strong trade relationships provide economic stability as we work together to build new opportunities for the future.
Source : https://www.hellenicshippingnews.com