China Baowu Steel Group Corporation Ltd. and Vale SA inked a series of deals including plans to jointly explore opportunities in base metals and iron ore, Reuters reported Oct. 17, citing a China Baowu statement.
The two companies agreed to study the possibility of extending their joint venture projects, hunt for international base metals projects and collaborate in the supply chain to improve shipments of high-grade iron ore.
The deals also include cooperation in steelmaking, logistics, technology research and development. China Baowu did not provide further details, Reuters added.
Reuters reported in September that Vale would look to launch a new iron ore pellets product in the first quarter of 2020 to meet demand from China.