Taiyuan Iron and Steel Group and Xinhai Technology reached a cooperation

According to China Baowu news, on June 24, the "Indonesian Baha Dobi Nickel and Iron Construction and Operation Project Cooperation Framework Agreement (PCFA)" was signed simultaneously in Shanghai and Jakarta, Indonesia. China Baowu Taigang Group, Vale Indonesia and Xinhai Technology will jointly build and operate the ferronickel project in Morowali County, Central Sulawesi, Indonesia.

It is reported that according to the agreement, TISCO and Xinhai Technology will first establish a Chinese joint venture, and then establish a joint venture with Vale Indonesia, of which Vale Indonesia holds 49% of the shares. The project includes 8 RKEF ferronickel smelting production lines and other supporting facilities, and is expected to produce 73,000 tons of nickel per year.

Chen Derong, Secretary of the Party Committee and Chairman of China Baowu Group, said that the Indonesian ferronickel project integrates the high-efficiency and energy-saving RKEF smelting technology and the green and low-carbon gas power generation technology, and is expected to become a benchmark project for green production in the ferronickel industry. China Baowu will further increase resource allocation and fully support this project. It is believed that through the sincere cooperation of the three parties, a ferronickel project integrating green, high-quality products and wisdom will be built in Indonesia, leading the development direction of the global ferronickel industry, and achieving win-win development for all parties and local benefits.

It is worth mentioning that Shandong Xinhai has been very close to Baowu Group and Taiyuan Iron and Steel Group for a period of time, and there have been "gossip" rumors. Previously, Xinhai signed a cooperation framework agreement with Baowu Group and Taiyuan Iron and Steel Group. However, due to various reasons, the "marriage" between Xinhai and Baowu or TISCO was stranded. However, the industry's interest in Shandong Xinhai's development of the stainless steel industry has not subsided, and it is still paying attention. On April 20th, Guangdong Stainless Steel Materials and Products Association pushed through the WeChat public account "Is Xinhai's annual output of 3.8 million tons of stainless steel project really going to be done? The article "Strive to be completed and put into production within the year", pays attention to the progress of Xinhai stainless steel project.

This time, China Baowu Taigang Group, Vale Indonesia and Xinhai Technology successfully joined hands. From a practical and long-term perspective, it can be said that the three parties complement each other's advantages and achieve a win-win situation. Based on TISCO Group's strategic goal of reaching 18 million tons of stainless steel industry by 2025 and its obvious advantages, in the future, it may not be ruled out that TISCO Group and Xinhai will further expand the depth and breadth of cooperation, and then achieve such a large scale as acquisition and reorganization. Cooperation is possible!

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