Baoshan Iron & Steel Co., Ltd. : Baosteel and CDB Sign Comprehensive Strategic Cooperation Agreement
08/02/2012| 08:34pm US/Eastern
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On July 31, Baosteel and China Development Bank formally sign
comprehensive strategic cooperation agreement in Beijing,
marking that the two sides enter a new phase in building
bank&enterprise cooperation model and vigorously expanding
international cooperation.By 2015, CDB will add a total of $
20 billion financing for Baosteel's implementation of
"going out" strategy. Baosteel Group Co., Ltd.,
deputy general manager Zhou Zhuping, CDB deputy governor Wang
Yongsheng attend the signing ceremony. Baosteel Group Co.,
Ltd. assistant general manager Hu Xuefa, CDB Shanghai branch
governor Guo Lian sign on the strategic cooperation agreement
representing the two sides.
CDB is the main bank of China's medium-and long-term
financing. After 10 years of development, it has formed a
"two-base one-support", grassroot financing and
international cooperation "trinity" business
development pattern. Over the years, with enhancing the
national strength and improving people's livelihood as
the mission, CDB actively supports national key project
construction and social undertaking development, and in line
with the national "going out" strategy, plays an
important role in supporting our enterprises'
international operation. Up to now, it has developed into
China's largest international investment and financing
cooperative bank.
CDB has always attached great importance to cooperation with
Baosteel. In recent years, its financial support to Baosteel
Group and its subsidiaries grows year by year. Back in 2001
the two sides signed "long-term bank-enterprise
cooperation agreement" and "developmental financial
cooperation agreement" was signed in 2010. With
large-scale funding, long duration and a stable source, CDB
considers Baosteel as a key support long-term customer. Both
sides innovate bank-enterprise cooperation mode, deepen
strategic and cooperative efforts, establish and continuously
consolidate long-term, comprehensive, stable, and indepth
strategic partnership.Over the years, the two sides continue
to increase the cooperation efforts in overseas resource
acquisition, overseas investment construction, domestic
industry consolidation and merger and have carried out
fruitful cooperation in many major projects.
It is known that after the formal signing of comprehensive
strategic cooperation agreement, on the basis of $ 10 billion
of financing agreed in "developmental financial
cooperation agreement" in 2010, from 2011 to 2015, CDB
will add $ 20 billion in financing for Baosteel iron and
steel main industry and overseas resource development, steel
extensive processing, engineering and technical service
development. It will support Baosteel in enhancing the
ability of international operation, help Baosteel to expedite
the completion of transformation from regional layout layout
to national layout, promote Baosteel's achieving
breakthrough in the international layout, help Baosteel to
build the world's most competitive steel company and
implement "going out" strategy. Baosteel will also
actively promote cooperation with CDB in various types of
loans, financial management, clearing and settlement
services, corporate bond underwriting, mergers and
acquisitions, investment banking.
Before the signing ceremony, leaders on both sides have
friendly talk and reach consensus. Carrying out comprehensive
strategic cooperation can better combine Baosteel's
overseas development planning and CDB medium and long-term
financing and investment banking advantages, can help to
create internationally competitive steel enterprise and
provide policy and financial service support for the
enterprise's "going out" strategy.
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