China Shipbuilding Industry joins hands with Angang Steel

China Shipbuilding Industry Corporation (CSIC), China's leading ship builder, has entered into strategic cooperation with Angang Steel to secure the competitive edge in supply chain, share profits and avert risks, reported Shanghai Securities Journal. The two companies agreed to carry out cooperation in information sharing, technological development, capital operation, logistics management and commercial sector.
CSIC, which exports ships to over sixty countries and regions, has a shipping capacity of eight million tons. Its annual steel demand is expected to top 1 million tons.
It inked a strategic agreement with Baosteel Group in January, according to which Baosteel vows to add its steel plate supply to CSIC by 20 percent in 2009.