October 17, 2019 / 5:55 AM / a month ago

China Baowu Steel, Brazil's Vale sign deals, eye diversified cooperation

BEIJING, Oct 17 (Reuters) -

* China Baowu Steel Group, the country’s largest steel producer, signed a series of strategic project agreements with Brazil’s mining giant Vale SA on Wednesday, the company said in a statement.

* The cooperation agreements, which include steelmaking, logistics, base metals, technology research and development, will help merge the companies as strategic partners, Baowu said on Thursday.

* Baowu and Vale agreed to explore opportunities to extend their joint venture projects, look into strategic projects on international base metals and cooperate in supply-chain to improve the shipments of high-quality iron ore, the steel producer said without providing further details of the agreements.

* Last month, Vale said it would launch an iron ore product for pelletizing, in the first quarter of 2020, in an attempt to meet growing demand for high-quality ore in China. (Reporting by Min Zhang and Shivani Singh, Editing by Sherry Jacob-Phillips)

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