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Fortescue Metals to shore up trade relationships with China

Mining News - Published on Fri, 09 Nov 2018

Image Source: Sydney Morning Herald
Sydney Morning Herald reported that WA iron ore giant Fortescue Metals Group will shore up trade relationships with China's biggest steel companies by signing eight memorandums of understanding with steel mills on the sidelines of the China International Import Expo. In a statement Fortescue announced it would sign MOUs with both public and private steel mills across the country, including China's largest steel group Baowu, which received the company's first cargo of ore 10 years ago. It will also sign an MOU with Hebei Iron and Steel Group, China’s second-largest steel company.

While the MOUs don't have an immediate commercial impact, FMG chief executive Ms Elizabeth Gaines said it reaffirmed the company's commitment to its customers and demonstrated its presence in China. Ms Gaines reiterated the importance of Australia's trade relationship with China.

Ms Gaines said that "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."

However, more than 3600 companies from 172 countries and regions are attending the expo, which opened in Shanghai on Tuesday and will run until November 10.

Source :

Posted By : Rabi Wangkhem on Fri, 09 Nov 2018
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