SKF (Shanghai) Industrial Service Co., Ltd. Started Production

Recently SKF (Shanghai) Industrial Service Co., Ltd., a joint venture between Baosteel and SKF Sweden, was officially put into production. Chairman Xu Lejiang of Baosteel Group Corporation, President and CEO Tom Johnstone of SKF Sweden, Party Secretary Lv Minyuan of CPC Baoshan District committee and Consul General Andreasson Lars of Sweden in Shanghai cut the ribbon for the joint venture.

More than 100 people including Baosteel leaders Fu Zhongzhe and Zhao Zhouli, Governor Si Fumin and Deputy Governor Zhu Yongquan of Baoshan District, Senior Vice President Phil Knights and Ingalill stman of SKF, and other leaders and guests from Baosteel, SKF Group and Baoshan District attended the inauguration ceremony.

SKF Group is the world's most competitive enterprise for bearing supply and service, which had built cooperation relationship with Baosteel since the 1980s. The two sides signed no stock agreement in 1997 and built strategic cooperation relationship in 2005. In order to cement and deepen the cooperation, Shanghai Baosteel Industry Inspection Corporation on behalf of Baosteel signed the agreement with SKF on the construction of joint venture for bearing repair.

SKF (Shanghai) Industrial Service Co., Ltd. is located in Baoshan Industrial Park with a registered capital of RMB 15 million yuan, of which Shanghai Baosteel Industry Inspection Corporation and SKF has 34% and 66% of its shares respectively. The company mainly provides service for Baosteel and deals with the business of cycle repair, comprehensive rebuilding of high performance bearing, bearing for various hosts and products of precision technology, whose production will further extend the lifetime of Baosteel bearings, reduce the repairing costs and stabilize the operation of equipment.