Valin Group signed Strategic Cooperation Framework Agreement with COSCO

On June 24, Valin Group and China Ocean Shipping (Group) Company (COSCO) signed a strategic cooperation framework agreement in Bo ao, Hainan. Both sides decided to go into long-term partnership to push forward multi-level and all-round cooperation on their main businesses based upon the principle of making the most of complementary advantages and industrial interaction to realize a win-win situation .

According to the agreement, both sides would establish a long-term strategic partnership in such fields as providing shipping services for iron ore import and export as well as logistics services, establishing a joint-venture shipyard company, R&D and marketing of steel and marine cables and resource development, etc.

Board Chairman of Valin, Mr. Li Xiaowei expressed that the collaboration will raise the direct sales ratio of its steel product, enable itself to get access to better logistics with a reduced logistics cost. And Chairman of the COSCO Mr. Wei Jiafu stated that cooperation between both sides will make contributions to a stable shipping volume, an expanded market share and a stronger influence of the COSCO.

It was revealed that in April, 2008, the COSCO was under an overall strategic cooperation framework agreement with Hunan Government on collaborating in the fields of logistics and shipping, etc., which gives rise to this agreement between Valin and COSCO.