November 22, 2008

Baosteel and SKF to build service center in Shanghai

Baosteel Daily reported that SKF Industrial Service Company Limited jointly funded by China's top steelmaker Baosteel and Sweden based SKF Group has started operation lately.

The report added that SKF Shanghai was located in Baoshan industrial zone. With registered capital of CNY 15 million, Baosteel and SKF China would own 34% and 66% stake respectively. The company will mainly provide services to Baosteel and its operation would extend the service life of the latter's bearing products, lower maintenance costs and stabilize operations.

Mr Zhao Zhouli deputy general manager of Baosteel Company Ltd said at the unveiling ceremony that Baosteel will give great support to the JV and hope it can raise up its operation capacity as soon as possible.

SKF Group is one of the leading global suppliers and service companies for bearing products and has started cooperation with Baosteel since 1980s. The two sides have signed an agreement about establishing a bearing products service center last year.