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Shanghai Automotive signs wheel supply deal with Baosteel

Ally From Gasgoo.com| December 04 , 2007 16:12 BJT

Shanghai. December 4 (Gasgoo.com) - Shanghai Automotive Industry Corporation (SAIC) has recently signed a deal with

China

's largest steel-maker, Baosteel Group. Under the deal, Baosteel will supply steel wheels to SAIC, state media Xinhua News Agency reported.

Baosteel plans to build a new factory with an annual capacity of 6 million wheels in Baoshan, the northern suburbs of Shanghai. SAIC agrees to provide technical support to the venture. The two state-owned companies have been strategic partners for several years. The Xinhua News report does not include financial details about the deal.

Earlier last month Chinese auto-maker Chery signed strategic cooperation agreement with Baosteel to further strengthen their cooperation on steel plate supply.

Baosteel is the largest steel maker in China. The company exports steel products to over forty countries and regions across Asia, Europe and the Americas.

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