Fortescue Metals Group is signing eight Memoranda of Understanding (MOUs) with major Chinese steel mills on the sidelines of the inaugural China International Import Expo (CIIE).
The MOUs will be signed with public and private steel mills from various provinces and municipalities across China, demonstrating Fortescue’s diverse customer base. Among the mills are Baowu Steel Group, the largest steel group in China and recipient of Fortescue’s first cargo of ore 10 years ago and its Echeng subsidiary, as well as Hebei Iron and Steel Group, China’s second largest steel group.
Over two days of events, Fortescue will also sign MOUs with Rizhao Iron & Steel from Shandong Province, Minmetals Yingkou Medium Plate Co, and Lingyuan Iron and Steel from Liaoning Province, Baotou Steel (Group) Co., Ltd from Inner Mongolia Autonomous Region and Anyang Iron and Steel from Henan Province.
Fortescue is a sponsor of the Australian National Pavilion at CIIE joining thousands of businesses from 130 countries at the prestigious event, also attended by senior Australian government officials including Senator the Hon Simon Birmingham, Minister for Trade, Tourism and Investment, Hon Alannah MacTiernan MLC, Western Australia State Minister for Regional Development; Agriculture and Food; Minister assisting the Minister for State Development, Jobs and Trade and Ms Jan Adams AO PSM, Australia’s Ambassador to China.
Chief Executive Officer, Elizabeth Gaines said “As the lowest cost supplier of seaborne iron ore into China, Fortescue has enjoyed strong relationships with customers since our first shipment of iron ore a decade ago. The MOUs reaffirm our commitment to our customers and demonstrate our significant market presence in China. ”
“We are delighted to participate in this important exhibition and support the Australian National Pavilion, which demonstrates the breadth and depth of Australia’s strategic and economic relationship with China.”
“As the One Belt, One Road initiative continues to grow, the openness and mutual understanding established by our bilateral trade relationships will be critical to its success. Australia’s significant strategic partnership with China is built on the importance of trade and is a fundamental pillar in our relationships across the Asian region,” Ms Gaines said.